Short Interest in New Horizon Aircraft Ltd. (NASDAQ:HOVR) Decreases By 28.9%

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

New Horizon Aircraft Trading Down 3.3%

Shares of New Horizon Aircraft stock opened at $1.78 on Friday. New Horizon Aircraft has a 12-month low of $0.43 and a 12-month high of $4.18. The stock has a market cap of $78.77 million, a PE ratio of -2.62 and a beta of 3.14. The company has a 50-day moving average of $1.73 and a two-hundred day moving average of $1.98.

New Horizon Aircraft (NASDAQ:HOVR) last issued its earnings results on Tuesday, April 14th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03).

Analysts Set New Price Targets

HOVR has been the subject of a number of recent analyst reports. D. Boral Capital restated a “buy” rating and issued a $11.00 price objective on shares of New Horizon Aircraft in a research report on Tuesday. Weiss Ratings restated a “sell (d-)” rating on shares of New Horizon Aircraft in a research report on Thursday, January 22nd. Finally, JonesTrading initiated coverage on shares of New Horizon Aircraft in a research report on Monday, February 23rd. They issued a “buy” rating and a $18.00 price objective for the company. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $14.50.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC increased its holdings in New Horizon Aircraft by 15.0% in the fourth quarter. Renaissance Technologies LLC now owns 695,100 shares of the company’s stock valued at $1,022,000 after buying an additional 90,500 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of New Horizon Aircraft during the 3rd quarter worth approximately $244,000. Quadrature Capital Ltd purchased a new position in shares of New Horizon Aircraft during the 4th quarter worth approximately $96,000. Marshall Wace LLP purchased a new position in shares of New Horizon Aircraft during the 4th quarter worth approximately $63,000. Finally, LPL Financial LLC purchased a new position in shares of New Horizon Aircraft during the 4th quarter worth approximately $35,000. 65.97% of the stock is owned by hedge funds and other institutional investors.

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. New Horizon Aircraft Ltd. was founded in 2013 and is headquartered in Lindsay, Canada.