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

New Horizon Aircraft Ltd. (NASDAQ:HOVR) was the recipient of a significant growth in short interest in February. As of February 28th, there was short interest totalling 385,000 shares, a growth of 18.5% from the February 13th total of 324,800 shares. Approximately 1.7% of the company’s stock are sold short. Based on an average daily volume of 1,530,000 shares, the short-interest ratio is currently 0.3 days.

Insider Buying and Selling

In other news, major shareholder Dustin M. Shindo sold 65,500 shares of the stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $0.49, for a total transaction of $32,095.00. Following the transaction, the insider now owns 1,308,793 shares of the company’s stock, valued at approximately $641,308.57. This represents a 4.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last three months, insiders sold 167,870 shares of company stock worth $84,953. Corporate insiders own 11.10% of the company’s stock.

Hedge Funds Weigh In On New Horizon Aircraft

An institutional investor recently bought a new position in New Horizon Aircraft stock. Capital Investment Advisors LLC acquired a new position in shares of New Horizon Aircraft Ltd. (NASDAQ:HOVR) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 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 filing with the Securities and Exchange Commission. 65.97% of the stock is currently owned by hedge funds and other institutional investors.

New Horizon Aircraft Price Performance

Shares of HOVR opened at $0.55 on Thursday. The business’s 50 day simple moving average is $0.63 and its 200-day simple moving average is $0.61. New Horizon Aircraft has a one year low of $0.24 and a one year high of $2.92.

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

Wall Street Analyst Weigh In

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

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.