Short Interest in New Horizon Aircraft Ltd. (NASDAQ:HOVR) Decreases 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) saw a significant decline in short interest in August. As of August 31st, there was short interest totaling 694,200 shares, a decline of 30.4% from the August 15th total of 998,100 shares. Based on an average daily volume of 1,680,000 shares, the days-to-cover ratio is currently 0.4 days. Currently, 2.5% of the company's stock are sold short. Currently, 2.5% of the company's stock are sold short. Based on an average daily volume of 1,680,000 shares, the days-to-cover ratio is currently 0.4 days.

Insider Buying and Selling at New Horizon Aircraft

In other New Horizon Aircraft news, CEO Eric Brandon Robinson sold 250,000 shares of the business's stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $1.75, for a total value of $437,500.00. Following the sale, the chief executive officer directly owned 2,067,510 shares of the company's stock, valued at approximately $3,618,142.50. The trade was a 10.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Jason Michael O'neill sold 40,000 shares of the company's 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 transaction, the chief operating officer directly owned 343,598 shares in the company, valued at approximately $590,988.56. The trade was a 10.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders acquired 2,518 shares of company stock worth $5,666 over the last three months. Corporate insiders own 11.10% of the company's stock.

Institutional Investors Weigh In On New Horizon Aircraft

Large investors have recently bought and sold shares of the company. Marshall Wace LLP purchased a new stake in New Horizon Aircraft during the 2nd quarter worth approximately $38,000. Bank of America Corp DE purchased a new position in New Horizon Aircraft in the second quarter worth approximately $27,000. Finally, Rockefeller Capital Management L.P. purchased a new position in New Horizon Aircraft in the second quarter worth approximately $602,000. 65.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on HOVR. D. Boral Capital reissued a "buy" rating and set a $2.00 price target on shares of New Horizon Aircraft in a research note on Wednesday, July 23rd. Wall Street Zen upgraded New Horizon Aircraft to a "sell" rating in a report on Saturday, June 14th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Strong Buy" and a consensus price target of $2.00.

New Horizon Aircraft Price Performance

HOVR traded up $0.20 on Friday, reaching $2.23. 2,024,753 shares of the stock were exchanged, compared to its average volume of 783,139. The company's 50-day moving average price is $1.68 and its 200 day moving average price is $1.15. New Horizon Aircraft has a fifty-two week low of $0.24 and a fifty-two week high of $2.52. The firm has a market capitalization of $70.00 million, a PE ratio of 22.30 and a beta of 2.62.

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).

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.