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

New Horizon Aircraft Ltd. (NASDAQ:HOVR) was the target of a large 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 company’s shares are short sold. Based on an average daily trading volume, of 2,700,000 shares, the days-to-cover ratio is currently 0.0 days.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In related news, major shareholder Dustin M. Shindo sold 102,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $0.82, for a total transaction of $83,640.00. Following the completion of the transaction, the insider now owns 1,537,563 shares in the company, valued at $1,260,801.66. This represents a 6.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders sold 133,000 shares of company stock worth $107,300.

New Horizon Aircraft Stock Performance

HOVR traded up $0.07 on Tuesday, hitting $0.44. The company had a trading volume of 1,837,103 shares, compared to its average volume of 1,261,867. New Horizon Aircraft has a 52-week low of $0.24 and a 52-week high of $12.14. The stock has a fifty day simple moving average of $0.43 and a 200-day simple moving average of $0.74.

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

About New Horizon Aircraft

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.