New Horizon Aircraft Ltd. (NASDAQ:HOVR) Short Interest Update

New Horizon Aircraft Ltd. (NASDAQ:HOVR) was the target of a large increase in short interest in the month of October. As of October 15th, there was short interest totaling 1,120,000 shares, an increase of 42.9% from the September 30th total of 783,700 shares. Currently, 3.6% of the company’s shares are sold short. Based on an average daily volume of 1,210,000 shares, the days-to-cover ratio is presently 0.9 days. Based on an average daily volume of 1,210,000 shares, the days-to-cover ratio is presently 0.9 days. Currently, 3.6% of the company’s shares are sold short.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. D Boral Capital upgraded New Horizon Aircraft to a “strong-buy” rating in a research note on Wednesday, October 15th. Weiss Ratings cut New Horizon Aircraft from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Saturday, October 25th. Finally, D. Boral Capital reiterated a “buy” rating and issued a $11.00 price objective on shares of New Horizon Aircraft in a research note on Thursday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $11.00.

Insiders Place Their Bets

In other news, CEO Brian Frederick Merker sold 46,000 shares of the stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $4.00, for a total transaction of $184,000.00. Following the completion of the transaction, the chief executive officer directly owned 265,286 shares in the company, valued at approximately $1,061,144. This represents a 14.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Eric Brandon Robinson sold 140,000 shares of the stock in a transaction on Tuesday, October 14th. The stock was sold at an average price of $3.84, for a total value of $537,600.00. Following the transaction, the chief executive officer owned 1,472,510 shares of the company’s stock, valued at approximately $5,654,438.40. This represents a 8.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 286,000 shares of company stock valued at $1,063,600. Company insiders own 10.80% of the company’s stock.

Institutional Investors Weigh In On New Horizon Aircraft

Several hedge funds and other institutional investors have recently made changes to their positions in HOVR. Bank of America Corp DE purchased a new position in shares of New Horizon Aircraft in the 2nd quarter valued at approximately $27,000. Marshall Wace LLP purchased a new position in shares of New Horizon Aircraft in the 2nd quarter valued at approximately $38,000. Finally, Rockefeller Capital Management L.P. purchased a new position in shares of New Horizon Aircraft in the 2nd quarter valued at approximately $602,000. Institutional investors and hedge funds own 65.97% of the company’s stock.

New Horizon Aircraft Stock Performance

Shares of HOVR opened at $2.12 on Wednesday. New Horizon Aircraft has a 1 year low of $0.25 and a 1 year high of $4.18. The stock has a market capitalization of $86.86 million, a PE ratio of 22.30 and a beta of 2.78. The stock has a 50-day simple moving average of $2.38 and a 200-day simple moving average of $1.67.

New Horizon Aircraft (NASDAQ:HOVR) last issued its earnings results on Friday, October 10th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.03).

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.