Short Interest in New Horizon Aircraft Ltd. (NASDAQ:HOVR) Increases By 644.7%

New Horizon Aircraft Ltd. (NASDAQ:HOVR) was the recipient of a large growth in short interest in the month of November. As of November 15th, there was short interest totalling 840,800 shares, a growth of 644.7% from the October 31st total of 112,900 shares. Currently, 4.9% of the shares of the company are sold short. Based on an average trading volume of 3,100,000 shares, the days-to-cover ratio is currently 0.3 days.

Insider Buying and Selling

In other New Horizon Aircraft news, major shareholder Dustin M. Shindo sold 102,000 shares of the firm’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $0.82, for a total value of $83,640.00. Following the sale, the insider now directly owns 1,537,563 shares in the company, valued at $1,260,801.66. This trade represents a 6.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold 133,000 shares of company stock worth $107,300 in the last quarter.

Analyst Upgrades and Downgrades

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.

New Horizon Aircraft Price Performance

Shares of New Horizon Aircraft stock traded up $0.19 during trading on Friday, hitting $0.67. 20,138,200 shares of the company’s stock traded hands, compared to its average volume of 1,358,172. The firm’s fifty day moving average price is $0.38 and its 200 day moving average price is $0.66. New Horizon Aircraft has a twelve month low of $0.24 and a twelve month high of $12.14.

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

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.