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

New Horizon Aircraft Ltd. (NASDAQ:HOVR) was the recipient of a large growth in short interest during 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. Currently, 3.6% of the company’s stock are sold short. Based on an average trading volume of 1,210,000 shares, the days-to-cover ratio is presently 0.9 days. Based on an average trading volume of 1,210,000 shares, the days-to-cover ratio is presently 0.9 days. Currently, 3.6% of the company’s stock are sold short.

New Horizon Aircraft Stock Performance

NASDAQ HOVR traded down $0.13 during trading on Tuesday, hitting $2.10. 908,470 shares of the company’s stock traded hands, compared to its average volume of 1,136,782. The stock has a market capitalization of $86.04 million, a price-to-earnings ratio of 25.80 and a beta of 2.78. New Horizon Aircraft has a 12-month low of $0.25 and a 12-month high of $4.18. The business has a 50 day moving average of $2.37 and a 200-day moving average of $1.66.

New Horizon Aircraft (NASDAQ:HOVR) last announced its quarterly 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).

Insiders Place Their Bets

In other New Horizon Aircraft news, CEO Brian Frederick Merker sold 46,000 shares of New Horizon Aircraft stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $4.00, for a total transaction of $184,000.00. Following the transaction, the chief executive officer directly owned 265,286 shares of the company’s stock, valued at $1,061,144. The trade was a 14.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Eric Brandon Robinson sold 140,000 shares of New Horizon Aircraft stock in a transaction on Tuesday, October 14th. The stock was sold at an average price of $3.84, for a total transaction of $537,600.00. Following the transaction, the chief executive officer directly owned 1,472,510 shares in the company, valued at $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. Insiders have sold a total of 286,000 shares of company stock worth $1,063,600 over the last ninety days. 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 modified their holdings of HOVR. Rockefeller Capital Management L.P. bought a new stake in shares of New Horizon Aircraft during the second quarter valued at about $602,000. Marshall Wace LLP bought a new stake in shares of New Horizon Aircraft during the second quarter valued at about $38,000. Finally, Bank of America Corp DE bought a new position in shares of New Horizon Aircraft in the second quarter worth approximately $27,000. 65.97% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

HOVR has been the topic of a number of research analyst reports. D Boral Capital raised shares of New Horizon Aircraft to a “strong-buy” rating in a report on Wednesday, October 15th. Weiss Ratings downgraded shares of New Horizon Aircraft from a “hold (c-)” rating to a “sell (d-)” rating in a report on Saturday, October 25th. Finally, D. Boral Capital reaffirmed a “buy” rating and set a $11.00 price objective on shares of New Horizon Aircraft in a report on Thursday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, New Horizon Aircraft presently has an average rating of “Moderate Buy” and an average price target of $11.00.

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.