New Horizon Aircraft’s (HOVR) Buy Rating Reiterated at D. Boral Capital

D. Boral Capital reaffirmed their buy rating on shares of New Horizon Aircraft (NASDAQ:HOVR) in a research note issued to investors on Thursday morning,Benzinga reports. The firm currently has a $11.00 target price on the stock.

A number of other brokerages have also issued reports on HOVR. Weiss Ratings restated a “hold (c-)” rating on shares of New Horizon Aircraft in a research report on Wednesday, October 8th. D Boral Capital raised shares of New Horizon Aircraft to a “strong-buy” rating in a report on Wednesday, October 15th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, New Horizon Aircraft has an average rating of “Moderate Buy” and a consensus target price of $11.00.

New Horizon Aircraft Stock Up 5.4%

Shares of NASDAQ:HOVR opened at $2.72 on Thursday. The company’s 50 day moving average price is $2.28 and its two-hundred day moving average price is $1.56. New Horizon Aircraft has a 12-month low of $0.25 and a 12-month high of $4.18. The firm has a market cap of $111.44 million, a PE ratio of 27.20 and a beta of 2.79.

New Horizon Aircraft (NASDAQ:HOVR) last announced its earnings results on Friday, October 10th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.03).

Insider Activity at New Horizon Aircraft

In other news, CEO Eric Brandon Robinson sold 140,000 shares of the firm’s stock in a transaction on Tuesday, October 14th. The shares were sold at an average price of $3.84, for a total transaction of $537,600.00. Following the completion of the transaction, the chief executive officer owned 1,472,510 shares of the company’s stock, valued at approximately $5,654,438.40. This trade represents a 8.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Brian Frederick Merker sold 46,000 shares of the firm’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $4.00, for a total transaction of $184,000.00. Following the transaction, the chief executive officer directly owned 265,286 shares of the company’s stock, valued at $1,061,144. The trade was a 14.78% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 286,000 shares of company stock valued at $1,063,600. 11.10% of the stock is owned by insiders.

Institutional Investors Weigh In On New Horizon Aircraft

Large investors have recently modified their holdings of the company. Bank of America Corp DE acquired a new stake in shares of New Horizon Aircraft during the second quarter worth $27,000. Marshall Wace LLP bought a new stake in New Horizon Aircraft in the second quarter valued at $38,000. Finally, Rockefeller Capital Management L.P. bought a new stake in New Horizon Aircraft in the second quarter valued at $602,000. 65.97% of the stock is currently owned by institutional investors and hedge funds.

New Horizon Aircraft Company Profile

New Horizon Aircraft Ltd., an aerospace original equipment manufacturer company, focuses on designing and developing hybrid electric vertical takeoff and landing (eVTOL) aircraft for the regional air mobility market in the Uinted States. The company is developing Cavorite X7, a hybrid electric 7-seat aircraft that can take off and land vertically like and helicopter.