Archer Aviation Inc. (NYSE:ACHR) Short Interest Update

Archer Aviation Inc. (NYSE:ACHR) was the target of a significant growth in short interest in August. As of August 15th, there was short interest totalling 65,440,000 shares, a growth of 7.1% from the July 31st total of 61,110,000 shares. Based on an average daily trading volume, of 8,860,000 shares, the days-to-cover ratio is presently 7.4 days. Approximately 30.2% of the shares of the stock are sold short.

Archer Aviation Stock Performance

NYSE:ACHR opened at $3.38 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.49 and a current ratio of 4.49. Archer Aviation has a fifty-two week low of $3.00 and a fifty-two week high of $7.10. The company has a 50 day simple moving average of $4.07 and a two-hundred day simple moving average of $4.06. The company has a market capitalization of $1.09 billion, a PE ratio of -2.07 and a beta of 2.35.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.31) earnings per share for the quarter, topping the consensus estimate of ($0.38) by $0.07. Research analysts anticipate that Archer Aviation will post -1.2 earnings per share for the current year.

Insider Activity at Archer Aviation

In related news, major shareholder N.V. Stellantis bought 2,982,089 shares of the company’s stock in a transaction dated Thursday, August 8th. The stock was purchased at an average price of $3.35 per share, with a total value of $9,989,998.15. Following the completion of the acquisition, the insider now owns 59,734,962 shares of the company’s stock, valued at $200,112,122.70. The purchase was disclosed in a document filed with the SEC, which is available through this link. 27.17% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Axxcess Wealth Management LLC increased its holdings in Archer Aviation by 48.0% in the first quarter. Axxcess Wealth Management LLC now owns 29,961 shares of the company’s stock worth $138,000 after purchasing an additional 9,713 shares in the last quarter. Spire Wealth Management increased its stake in shares of Archer Aviation by 33.4% in the 4th quarter. Spire Wealth Management now owns 44,943 shares of the company’s stock valued at $276,000 after acquiring an additional 11,248 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Archer Aviation by 50.0% in the 4th quarter. Victory Capital Management Inc. now owns 24,748 shares of the company’s stock valued at $152,000 after acquiring an additional 8,246 shares in the last quarter. Kingsview Wealth Management LLC lifted its position in shares of Archer Aviation by 8.3% during the 1st quarter. Kingsview Wealth Management LLC now owns 113,509 shares of the company’s stock valued at $524,000 after acquiring an additional 8,717 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new position in Archer Aviation during the fourth quarter worth $230,000. 59.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ACHR has been the subject of a number of research reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a research note on Tuesday. Barclays lowered their price objective on Archer Aviation from $6.50 to $4.50 and set an “equal weight” rating for the company in a research note on Friday, May 17th. Benchmark reiterated a “buy” rating and issued a $12.00 price objective on shares of Archer Aviation in a report on Friday, August 9th. HC Wainwright assumed coverage on shares of Archer Aviation in a research report on Tuesday. They issued a “buy” rating and a $12.50 price target for the company. Finally, JPMorgan Chase & Co. lifted their price target on shares of Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $9.00.

Archer Aviation Company Profile

Archer Aviation Inc, together with its subsidiaries, engages in designs, develops, and operates electric vertical takeoff and landing aircraft for use in urban air mobility. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc The company is headquartered in San Jose, California.