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

New Horizon Aircraft Ltd. (NASDAQ:HOVR) was the target of a significant growth in short interest during the month of 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 shares of the stock are sold short. Based on an average trading volume of 1,530,000 shares, the days-to-cover ratio is presently 0.3 days.

Insider Buying and Selling at New Horizon Aircraft

In other New Horizon Aircraft news, major shareholder Dustin M. Shindo sold 65,500 shares of the stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $0.49, for a total transaction of $32,095.00. Following the completion of the transaction, the insider now owns 1,308,793 shares of the company’s stock, valued at $641,308.57. This represents a 4.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 167,870 shares of company stock valued at $84,953 over the last quarter. 11.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in New Horizon Aircraft stock. Capital Investment Advisors LLC acquired a new position in New Horizon Aircraft Ltd. (NASDAQ:HOVR) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 25,807 shares of the company’s stock, valued at approximately $29,000. Capital Investment Advisors LLC owned 0.11% of New Horizon Aircraft as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 65.97% of the company’s stock.

Wall Street Analysts Forecast Growth

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

New Horizon Aircraft Stock Performance

HOVR stock opened at $0.52 on Wednesday. The business has a 50 day simple moving average of $0.64 and a 200-day simple moving average of $0.61. New Horizon Aircraft has a 1 year low of $0.24 and a 1 year high of $2.99.

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

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.