Short Interest in New Horizon Aircraft Ltd. (NASDAQ:HOVR) Decreases By 7.9%

New Horizon Aircraft Ltd. (NASDAQ:HOVR) saw a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 112,900 shares, a drop of 7.9% from the October 15th total of 122,600 shares. Currently, 0.8% of the shares of the stock are sold short. Based on an average trading volume of 2,700,000 shares, the days-to-cover ratio is presently 0.0 days.

New Horizon Aircraft Price Performance

Shares of New Horizon Aircraft stock traded down $0.09 during trading on Monday, hitting $0.37. 1,588,969 shares of the stock traded hands, compared to its average volume of 1,259,174. New Horizon Aircraft has a 52 week low of $0.24 and a 52 week high of $12.14. The firm’s fifty day moving average is $0.43 and its 200-day moving average is $0.74.

New Horizon Aircraft (NASDAQ:HOVR) last issued its quarterly earnings results on Thursday, October 10th. The company reported ($0.11) EPS for the quarter.

Analysts Set New Price Targets

Separately, EF Hutton Acquisition Co. I upgraded shares of New Horizon Aircraft to a “strong-buy” rating in a research report on Monday, October 7th.

Insider Activity

In related news, major shareholder Dustin M. Shindo sold 102,000 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $0.82, for a total value of $83,640.00. Following the sale, the insider now owns 1,537,563 shares in the company, valued at approximately $1,260,801.66. This trade represents a 6.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders sold 133,000 shares of company stock worth $107,300.

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.