New Horizon Aircraft Ltd. (NASDAQ:HOVR) Sees Significant Increase in Short Interest

New Horizon Aircraft Ltd. (NASDAQ:HOVR) was the target of a significant growth in short interest during the month of December. As of December 31st, there was short interest totalling 902,300 shares, a growth of 16.4% from the December 15th total of 774,900 shares. Based on an average daily volume of 4,580,000 shares, the days-to-cover ratio is currently 0.2 days. Approximately 6.6% of the company’s stock are short sold.

Institutional Investors Weigh In On New Horizon Aircraft

A hedge fund recently bought a new stake in New Horizon Aircraft stock. Capital Investment Advisors LLC bought a new stake in shares of New Horizon Aircraft Ltd. (NASDAQ:HOVR) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 25,807 shares of the company’s stock, valued at approximately $29,000. Capital Investment Advisors LLC owned 0.11% of New Horizon Aircraft at the end of the most recent reporting period. 65.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. D. Boral Capital reaffirmed a “buy” rating and issued a $2.00 price target on shares of New Horizon Aircraft in a report on Wednesday. EF Hutton Acquisition Co. I raised shares of New Horizon Aircraft to a “strong-buy” rating in a report on Monday, October 7th.

New Horizon Aircraft Price Performance

Shares of HOVR traded down $0.00 during trading hours on Friday, reaching $0.90. 586,597 shares of the company traded hands, compared to its average volume of 3,443,170. New Horizon Aircraft has a 12-month low of $0.24 and a 12-month high of $3.29. The business has a fifty day moving average price of $0.75 and a 200-day moving average price of $0.64.

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

About New Horizon Aircraft

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.