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 company’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $0.50, for a total transaction of $37,500.00. Following the completion of the transaction, the insider now 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 legal filing with the SEC, which is accessible through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

New Horizon Aircraft Stock Performance

Shares of HOVR stock opened at $0.51 on Friday. The firm’s 50 day moving average price is $0.78 and its 200-day moving average price is $0.64. New Horizon Aircraft Ltd. has a one year low of $0.24 and a one year high of $3.29.

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

Analyst Upgrades and Downgrades

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

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 shares of New Horizon Aircraft Ltd. (NASDAQ:HOVR) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 25,807 shares of the company’s stock, valued at approximately $29,000. Capital Investment Advisors LLC owned approximately 0.11% of New Horizon Aircraft as of its most recent SEC filing. 65.97% of the stock is owned by institutional investors and hedge funds.

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.