Dustin M. Shindo Sells 75,000 Shares of New Horizon Aircraft Ltd. (NASDAQ:HOVR) Stock

New Horizon Aircraft Ltd. (NASDAQ:HOVR) major shareholder Dustin M. Shindo sold 75,000 shares of the firm’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $0.50, for a total value of $37,500.00. Following the completion of the transaction, the insider now directly owns 1,394,368 shares in the company, valued at approximately $697,184. This represents a 5.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

New Horizon Aircraft Price Performance

NASDAQ:HOVR opened at $0.51 on Friday. The business’s 50-day simple moving average is $0.78 and its two-hundred day simple moving average is $0.65. New Horizon Aircraft Ltd. has a 52 week low of $0.24 and a 52 week high of $3.29.

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

Institutional Investors Weigh In On New Horizon Aircraft

A hedge fund recently bought a new stake in New Horizon Aircraft stock. Capital Investment Advisors LLC bought a new position in New Horizon Aircraft Ltd. (NASDAQ:HOVR) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 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 at the end of the most recent quarter. 65.97% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

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.