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

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

Analyst Ratings Changes

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

New Horizon Aircraft Trading Down 13.6%

NASDAQ HOVR traded down $0.35 during trading on Monday, hitting $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 cap of $91.36 million, a PE ratio of 22.80 and a beta of 2.79. New Horizon Aircraft has a fifty-two week low of $0.25 and a fifty-two week high of $4.18. The stock’s 50 day moving average price is $2.36 and its two-hundred day moving average price is $1.65.

New Horizon Aircraft (NASDAQ:HOVR) last issued its earnings results on Friday, October 10th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.03).

Insiders Place Their Bets

In other news, CEO Eric Brandon Robinson sold 140,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $5,654,438.40. The trade was a 8.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Brian Frederick Merker sold 46,000 shares of the business’s stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $4.00, for a total transaction of $184,000.00. Following the completion of the sale, the chief executive officer directly owned 265,286 shares of the company’s stock, valued at approximately $1,061,144. The trade was a 14.78% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 286,000 shares of company stock valued at $1,063,600. Company insiders own 11.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank of America Corp DE acquired a new position in shares of New Horizon Aircraft in the second quarter valued at approximately $27,000. Marshall Wace LLP acquired a new position in shares of New Horizon Aircraft in the second quarter valued at approximately $38,000. Finally, Rockefeller Capital Management L.P. acquired a new position in shares of New Horizon Aircraft in the second quarter valued at approximately $602,000. Institutional investors and hedge funds own 65.97% of the company’s stock.

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.