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

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

New Horizon Aircraft Price Performance

HOVR stock traded up $0.28 during trading on Wednesday, reaching $1.84. 1,438,256 shares of the company traded hands, compared to its average volume of 736,003. New Horizon Aircraft has a 12 month low of $0.40 and a 12 month high of $4.18. The business has a 50 day simple moving average of $1.73 and a 200 day simple moving average of $1.98.

New Horizon Aircraft (NASDAQ:HOVR) last issued its quarterly earnings data 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).

Institutional Investors Weigh In On New Horizon Aircraft

Institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE acquired a new stake in New Horizon Aircraft in the second quarter worth about $27,000. LPL Financial LLC acquired a new stake in New Horizon Aircraft in the fourth quarter worth about $35,000. Scientech Research LLC acquired a new stake in New Horizon Aircraft in the third quarter worth about $35,000. Marshall Wace LLP acquired a new stake in New Horizon Aircraft in the second quarter worth about $38,000. Finally, Gabelli Funds LLC acquired a new stake in New Horizon Aircraft in the third quarter worth about $51,000. Institutional investors and hedge funds own 65.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on HOVR shares. JonesTrading assumed coverage on New Horizon Aircraft in a research report on Monday, February 23rd. They issued a “buy” rating and a $18.00 price target for the company. D. Boral Capital reaffirmed a “buy” rating and set a $11.00 price objective on shares of New Horizon Aircraft in a research report on Tuesday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of New Horizon Aircraft in a research report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, New Horizon Aircraft has a consensus rating of “Hold” and a consensus price target of $14.50.

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.