Short Interest in New Horizon Aircraft Ltd. (NASDAQ:HOVR) Drops By 30.4%

Key Points

• Short interest in New Horizon Aircraft Ltd. has decreased by 30.4%, with 694,200 shares short as of August 31, compared to 998,100 shares earlier in the month.
• The company's stock closed at $1.75, down 0.9%, while the market cap is approximately $54.78 million with a price-to-earnings ratio of 17.45.
• Recent insider trading saw CEO Eric Brandon Robinson sell 250,000 shares at an average price of $1.75, reducing his ownership by 10.79%.

New Horizon Aircraft Ltd. (NASDAQ:HOVR - Get Free Report) was the target of a large drop in short interest in August. As of August 31st, there was short interest totaling 694,200 shares, a drop of 30.4% from the August 15th total of 998,100 shares. Approximately 2.5% of the company's stock are short sold. Based on an average trading volume of 1,680,000 shares, the days-to-cover ratio is currently 0.4 days. Based on an average trading volume of 1,680,000 shares, the days-to-cover ratio is currently 0.4 days. Approximately 2.5% of the company's stock are short sold.

Analyst Upgrades and Downgrades

HOVR has been the topic of several recent research reports. Wall Street Zen raised New Horizon Aircraft to a "sell" rating in a research report on Saturday, June 14th. D. Boral Capital reaffirmed a "buy" rating and set a $2.00 target price on shares of New Horizon Aircraft in a research report on Wednesday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company's stock. Based on data from MarketBeat, New Horizon Aircraft has an average rating of "Strong Buy" and a consensus price target of $2.00.

New Horizon Aircraft Stock Down 0.9%

Shares of New Horizon Aircraft stock traded down $0.02 during trading on Tuesday, reaching $1.75. The company's stock had a trading volume of 119,739 shares, compared to its average volume of 1,006,318. The company has a market cap of $54.78 million, a price-to-earnings ratio of 17.45 and a beta of 2.62. New Horizon Aircraft has a 1-year low of $0.24 and a 1-year high of $2.52. The company has a 50-day simple moving average of $1.65 and a two-hundred day simple moving average of $1.12.

New Horizon Aircraft (NASDAQ:HOVR - Get Free Report) last issued its quarterly earnings results on Friday, August 22nd. The company reported ($0.20) EPS for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.12).

Insider Buying and Selling at New Horizon Aircraft

In other New Horizon Aircraft news, CEO Eric Brandon Robinson sold 250,000 shares of the stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $1.75, for a total transaction of $437,500.00. Following the sale, the chief executive officer owned 2,067,510 shares of the company's stock, valued at approximately $3,618,142.50. This trade represents a 10.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jason Michael O'neill sold 40,000 shares of the stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $1.72, for a total value of $68,800.00. Following the sale, the chief operating officer directly owned 343,598 shares in the company, valued at $590,988.56. This trade represents a 10.43% decrease in their position. The disclosure for this sale can be found here. Insiders have acquired a total of 2,518 shares of company stock worth $5,666 in the last ninety days. Insiders own 11.10% of the company's stock.

Institutional Trading of New Horizon Aircraft

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. acquired a new stake in New Horizon Aircraft during the 2nd quarter worth about $602,000. Marshall Wace LLP acquired a new stake in New Horizon Aircraft during the 2nd quarter worth about $38,000. Finally, Bank of America Corp DE acquired a new stake in New Horizon Aircraft during the 2nd quarter worth about $27,000. 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.

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