New Horizon Aircraft (NASDAQ:HOVR) Raised to Strong-Buy at D Boral Capital

New Horizon Aircraft (NASDAQ:HOVR) was upgraded by analysts at D Boral Capital to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other equities analysts have also weighed in on the company. D. Boral Capital reissued a “buy” rating and issued a $11.00 target price on shares of New Horizon Aircraft in a research note on Wednesday. Weiss Ratings reiterated a “hold (c-)” rating on shares of New Horizon Aircraft in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $11.00.

New Horizon Aircraft Price Performance

Shares of NASDAQ HOVR opened at $3.12 on Wednesday. New Horizon Aircraft has a fifty-two week low of $0.25 and a fifty-two week high of $4.18. The firm has a market capitalization of $97.94 million, a P/E ratio of 36.20 and a beta of 2.79. The company’s 50 day simple moving average is $2.15 and its 200 day simple moving average is $1.46.

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

Insider Activity

In related news, CEO Eric Brandon Robinson sold 140,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 14th. The stock was sold at an average price of $3.84, for a total value of $537,600.00. Following the completion of the transaction, the chief executive officer directly owned 1,472,510 shares in the company, valued at approximately $5,654,438.40. The trade was a 8.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Brian Frederick Merker sold 46,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $4.00, for a total transaction of $184,000.00. Following the sale, the chief executive officer owned 265,286 shares in the company, valued at $1,061,144. This trade represents a 14.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 326,000 shares of company stock worth $1,132,400 in the last 90 days. Corporate insiders own 11.10% of the company’s stock.

Hedge Funds Weigh In On New Horizon Aircraft

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. acquired a new stake in shares of New Horizon Aircraft in the 2nd quarter valued at about $602,000. Marshall Wace LLP acquired a new position in shares of New Horizon Aircraft during the second quarter worth about $38,000. Finally, Bank of America Corp DE bought a new position in shares of New Horizon Aircraft during the second quarter worth about $27,000. 65.97% of the stock is 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.