New Horizon Aircraft (NASDAQ:HOVR) Stock Price Down 4.7% – What’s Next?

New Horizon Aircraft Ltd. (NASDAQ:HOVR) shares fell 4.7% during trading on Monday . The company traded as low as $0.47 and last traded at $0.50. 426,048 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 695,411 shares. The stock had previously closed at $0.52.

Analyst Upgrades and Downgrades

Separately, D. Boral Capital reissued a “buy” rating and set a $2.00 target price on shares of New Horizon Aircraft in a research report on Wednesday, January 15th.

New Horizon Aircraft Price Performance

The stock’s 50-day moving average is $0.69 and its 200 day moving average is $0.62.

New Horizon Aircraft (NASDAQ:HOVR) last released its quarterly earnings data on Tuesday, January 14th. The company reported $0.80 earnings per share (EPS) for the quarter.

Insider Buying and Selling

In related news, major shareholder Dustin M. Shindo sold 65,500 shares of the company’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $0.49, for a total value of $32,095.00. Following the completion of the sale, the insider now owns 1,308,793 shares in the company, valued at $641,308.57. This represents a 4.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 167,870 shares of company stock worth $84,953 in the last quarter. 11.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in New Horizon Aircraft stock. Capital Investment Advisors LLC purchased a new position in shares of New Horizon Aircraft Ltd. (NASDAQ:HOVR) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 25,807 shares of the company’s stock, valued at approximately $29,000. Capital Investment Advisors LLC owned about 0.11% of New Horizon Aircraft as of its most recent SEC filing. 65.97% of the stock is owned by institutional investors.

About New Horizon Aircraft

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.