New Horizon Aircraft (NASDAQ:HOVRW) Stock Price Up 21.7% – Still a Buy?

New Horizon Aircraft Ltd. (NASDAQ:HOVRW)’s stock price rose 21.7% during mid-day trading on Tuesday. The company traded as high as $0.24 and last traded at $0.2370. Approximately 4,194 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 51,288 shares. The stock had previously closed at $0.1947.

New Horizon Aircraft Trading Up 29.9%

The company’s 50-day simple moving average is $0.31 and its 200 day simple moving average is $0.37.

Hedge Funds Weigh In On New Horizon Aircraft

An institutional investor recently bought a new position in New Horizon Aircraft stock. Citadel Advisors LLC purchased a new position in New Horizon Aircraft Ltd. (NASDAQ:HOVRW) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 492,865 shares of the company’s stock, valued at approximately $971,000.

New Horizon Aircraft Company Profile

New Horizon Aircraft Ltd. is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for advanced air mobility applications. The company is focused on combining vertical takeoff and landing capability with efficient, fixed-wing flight to support passenger and cargo transportation.

Its principal aircraft program is the Cavorite X5, a five-seat eVTOL aircraft designed with a hybrid-electric propulsion system and the company’s proprietary fan-in-wing technology.