New Horizon Aircraft (NASDAQ:HOVR) CEO Brian Frederick Merker Sells 46,000 Shares

New Horizon Aircraft Ltd. (NASDAQ:HOVR) CEO Brian Frederick Merker sold 46,000 shares of New Horizon Aircraft stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $4.00, for a total value of $184,000.00. Following the sale, the chief executive officer owned 265,286 shares of the company’s stock, valued at approximately $1,061,144. This trade represents a 14.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

New Horizon Aircraft Trading Down 13.8%

Shares of HOVR opened at $3.12 on Friday. The company has a market cap of $97.94 million, a PE ratio of 36.20 and a beta of 2.79. The stock has a 50-day moving average price of $2.15 and a 200-day moving average price of $1.46. New Horizon Aircraft Ltd. has a 12-month low of $0.25 and a 12-month high of $4.18.

New Horizon Aircraft (NASDAQ:HOVR) last issued its quarterly 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).

Wall Street Analysts Forecast Growth

HOVR has been the subject of a number of recent research reports. D Boral Capital upgraded New Horizon Aircraft to a “strong-buy” rating in a research report on Wednesday. Weiss Ratings restated a “hold (c-)” rating on shares of New Horizon Aircraft in a research report on Wednesday, October 8th. Finally, D. Boral Capital restated a “buy” rating and issued a $11.00 target price on shares of New Horizon Aircraft in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $11.00.

Institutional Trading of New Horizon Aircraft

Hedge funds have recently bought and sold shares of the company. Bank of America Corp DE purchased a new position in New Horizon Aircraft in the 2nd quarter worth approximately $27,000. Marshall Wace LLP purchased a new position in New Horizon Aircraft in the 2nd quarter worth approximately $38,000. Finally, Rockefeller Capital Management L.P. purchased a new position in New Horizon Aircraft in the 2nd quarter worth approximately $602,000. Institutional investors own 65.97% of the company’s stock.

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.