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

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

Institutional Trading of New Horizon Aircraft

A hedge fund recently bought a new stake in New Horizon Aircraft stock. Capital Investment Advisors LLC acquired a new stake in shares of New Horizon Aircraft Ltd. (NASDAQ:HOVR) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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 SEC filing. Institutional investors own 65.97% of the company’s stock.

New Horizon Aircraft Stock Performance

Shares of New Horizon Aircraft stock traded down $0.00 on Friday, hitting $0.90. 586,597 shares of the company traded hands, compared to its average volume of 3,443,170. The stock’s 50 day moving average price is $0.75 and its 200-day moving average price is $0.64. New Horizon Aircraft has a 52 week low of $0.24 and a 52 week high of $3.29.

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

Analyst Upgrades and Downgrades

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

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.