New Horizon Aircraft Ltd. (NASDAQ:HOVR) Short Interest Up 42.9% in October

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

Analysts Set New Price Targets

Several analysts recently commented on the company. D Boral Capital upgraded New Horizon Aircraft to a “strong-buy” rating in a report on Wednesday, October 15th. D. Boral Capital reiterated a “buy” rating and issued a $11.00 target price on shares of New Horizon Aircraft in a report on Thursday, October 23rd. Finally, Weiss Ratings cut New Horizon Aircraft from a “hold (c-)” rating to a “sell (d-)” rating in a report on Saturday, October 25th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.00.

New Horizon Aircraft Stock Performance

Shares of New Horizon Aircraft stock traded down $0.35 on Monday, reaching $2.23. 814,209 shares of the company’s stock were exchanged, compared to its average volume of 1,138,111. The company has a market capitalization of $91.36 million, a P/E ratio of 22.80 and a beta of 2.79. New Horizon Aircraft has a 52 week low of $0.25 and a 52 week high of $4.18. The firm’s 50-day moving average is $2.36 and its two-hundred day moving average is $1.65.

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

Insider Activity at New Horizon Aircraft

In related news, CEO Brian Frederick Merker sold 46,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $4.00, for a total value of $184,000.00. Following the sale, the chief executive officer directly owned 265,286 shares in the company, valued at $1,061,144. This represents a 14.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Eric Brandon Robinson sold 140,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 14th. The shares were sold at an average price of $3.84, for a total value of $537,600.00. Following the completion of the sale, the chief executive officer owned 1,472,510 shares in the company, valued at $5,654,438.40. The trade was a 8.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 286,000 shares of company stock valued at $1,063,600 in the last ninety days. 11.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On New Horizon Aircraft

A number of institutional investors and hedge funds have recently modified their holdings of HOVR. Bank of America Corp DE bought a new position in shares of New Horizon Aircraft in the 2nd quarter worth $27,000. Marshall Wace LLP bought a new position in shares of New Horizon Aircraft in the 2nd quarter worth $38,000. Finally, Rockefeller Capital Management L.P. bought a new position in shares of New Horizon Aircraft in the 2nd quarter worth $602,000. 65.97% of the stock is currently owned by institutional investors.

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.