Short Interest in New Horizon Aircraft Ltd. (NASDAQ:HOVR) Expands By 16.4%

New Horizon Aircraft Ltd. (NASDAQ:HOVR) was the target of a large growth in short interest in the month of December. As of December 31st, there was short interest totalling 902,300 shares, a growth of 16.4% from the December 15th total of 774,900 shares. Approximately 6.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 4,580,000 shares, the days-to-cover ratio is currently 0.2 days.

New Horizon Aircraft Stock Performance

Shares of NASDAQ:HOVR traded down $0.00 during trading on Friday, reaching $0.90. The stock had a trading volume of 586,597 shares, compared to its average volume of 3,443,170. New Horizon Aircraft has a 52 week low of $0.24 and a 52 week high of $3.29. The business’s 50-day moving average price is $0.75 and its 200 day moving average price is $0.64.

New Horizon Aircraft (NASDAQ:HOVR) last posted its quarterly earnings data 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 purchased a new stake in shares of New Horizon Aircraft Ltd. (NASDAQ:HOVR) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 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 reporting period. 65.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. EF Hutton Acquisition Co. I upgraded New Horizon Aircraft to a “strong-buy” rating in a research report on Monday, October 7th. 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.

New Horizon Aircraft Company Profile

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.