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

Key Points

• Short interest fell sharply in March, down 28.9% to 1,792,317 shares, leaving a short‑interest ratio of 2.1 days and about 4.5% of the float shorted.
• Analyst coverage is mixed — two Buy ratings and one Sell produce an average "Hold" rating with an average target price of $14.50.
• New Horizon reported an EPS ($0.12) miss (vs. ($0.09) est.); the stock trades around $1.84 with a one‑year range of $0.40–$4.18.

New Horizon Aircraft Ltd. (NASDAQ:HOVR - Get Free Report) saw a large decrease in short interest in the month of March. As of March 31st, there was short interest totaling 1,792,317 shares, a decrease of 28.9% from the March 15th total of 2,520,786 shares. Based on an average daily trading volume, of 835,592 shares, the short-interest ratio is presently 2.1 days. Currently, 4.5% of the company's shares are short sold.

Wall Street Analysts Forecast Growth

HOVR has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of New Horizon Aircraft in a research note on Thursday, January 22nd. JonesTrading initiated coverage on New Horizon Aircraft in a research note on Monday, February 23rd. They issued a "buy" rating and a $18.00 target price on the stock. Finally, D. Boral Capital reiterated a "buy" rating and issued a $11.00 target price on shares of New Horizon Aircraft in a research note on Tuesday. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, New Horizon Aircraft has an average rating of "Hold" and an average target price of $14.50.

New Horizon Aircraft Stock Performance

HOVR stock traded up $0.28 during midday trading on Wednesday, reaching $1.84. The company's stock had a trading volume of 1,438,256 shares, compared to its average volume of 736,003. The stock has a fifty day simple moving average of $1.73 and a two-hundred day simple moving average of $1.98. New Horizon Aircraft has a 1 year low of $0.40 and a 1 year high of $4.18.

New Horizon Aircraft (NASDAQ:HOVR - Get Free Report) last released its earnings results on Tuesday, April 14th. The company reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.03).

Hedge Funds Weigh In On New Horizon Aircraft

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Scientech Research LLC bought a new position in shares of New Horizon Aircraft during the 3rd quarter worth $35,000. Bank of America Corp DE bought a new position in shares of New Horizon Aircraft during the 2nd quarter worth $27,000. Gabelli Funds LLC bought a new position in shares of New Horizon Aircraft during the 3rd quarter worth $51,000. Marshall Wace LLP bought a new position in shares of New Horizon Aircraft during the 2nd quarter worth $38,000. Finally, LPL Financial LLC bought a new position in shares of New Horizon Aircraft during the 4th quarter worth $35,000. Institutional investors 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. New Horizon Aircraft Ltd. was founded in 2013 and is headquartered in Lindsay, Canada.

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