New Horizon Aircraft (NASDAQ:HOVR) Shares Down 4.7% – Time to Sell?

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

Analysts Set New Price Targets

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

New Horizon Aircraft Price Performance

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

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

Insiders Place Their Bets

In other news, major shareholder Dustin M. Shindo sold 65,500 shares of New Horizon Aircraft stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $0.49, for a total value of $32,095.00. Following the completion of the transaction, the insider now owns 1,308,793 shares in the company, valued at approximately $641,308.57. This trade represents a 4.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 167,870 shares of company stock worth $84,953 over the last ninety days. Corporate insiders own 11.10% of the company’s stock.

Institutional Trading of New Horizon Aircraft

A hedge fund recently bought a new stake in New Horizon Aircraft stock. Virtu Financial LLC acquired a new stake in New Horizon Aircraft Ltd. (NASDAQ:HOVR) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 41,761 shares of the company’s stock, valued at approximately $47,000. Virtu Financial LLC owned approximately 0.13% of New Horizon Aircraft at the end of the most recent quarter. Institutional investors and hedge funds 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.