New Horizon Aircraft (NASDAQ:HOVR) Stock Price Down 4.7% – Here’s Why

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

Analyst Upgrades and Downgrades

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

New Horizon Aircraft Stock Down 4.7 %

The stock’s fifty day simple moving average is $0.72 and its 200-day simple moving average is $0.63.

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

Insider Buying and Selling

In other news, major shareholder Dustin M. Shindo sold 65,500 shares of the 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 167,870 shares of company stock valued at $84,953 over the last quarter. 11.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On 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) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 41,761 shares of the company’s stock, valued at approximately $47,000. Virtu Financial LLC owned 0.13% of New Horizon Aircraft as of its most recent SEC filing. Institutional investors and hedge funds own 65.97% of the company’s stock.

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.