Short Interest in Archer Aviation Inc. (NYSE:ACHR) Drops By 6.7%

Archer Aviation Inc. (NYSE:ACHR) was the recipient of a significant decrease in short interest in the month of November. As of November 30th, there was short interest totalling 71,440,000 shares, a decrease of 6.7% from the November 15th total of 76,610,000 shares. Currently, 26.6% of the company’s stock are sold short. Based on an average daily volume of 23,010,000 shares, the short-interest ratio is presently 3.1 days.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ACHR. HC Wainwright reaffirmed a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a research report on Monday. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday. Canaccord Genuity Group upped their price objective on shares of Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a research report on Friday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a research report on Monday, October 7th. Finally, Needham & Company LLC began coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $10.25.

Archer Aviation Stock Performance

Shares of Archer Aviation stock traded up $0.46 on Monday, reaching $8.86. 70,138,574 shares of the company traded hands, compared to its average volume of 11,997,867. Archer Aviation has a 52 week low of $2.82 and a 52 week high of $9.84. The company has a 50 day moving average of $4.89 and a 200 day moving average of $4.10. The firm has a market capitalization of $3.77 billion, a PE ratio of -6.89 and a beta of 3.19. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter in the prior year, the firm posted ($0.19) EPS. Equities analysts forecast that Archer Aviation will post -1.28 earnings per share for the current year.

Insider Activity

In other news, CEO Adam D. Goldstein sold 805,170 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the completion of the sale, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at $19,432,739.68. The trade was a 16.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Deborah Diaz bought 5,150 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were acquired at an average cost of $7.48 per share, with a total value of $38,522.00. Following the completion of the transaction, the director now owns 98,886 shares of the company’s stock, valued at $739,667.28. This represents a 5.49 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 776,791 shares of company stock worth $5,139,699 and have sold 1,571,386 shares worth $9,236,577. Company insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

Institutional investors have recently modified their holdings of the business. Tidal Investments LLC lifted its stake in Archer Aviation by 29.9% in the 3rd quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock worth $44,000 after purchasing an additional 3,339 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in Archer Aviation in the 3rd quarter worth approximately $80,000. Barclays PLC lifted its stake in Archer Aviation by 272.7% in the 3rd quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after purchasing an additional 312,440 shares in the last quarter. Geode Capital Management LLC lifted its stake in Archer Aviation by 5.6% in the 3rd quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after purchasing an additional 268,896 shares in the last quarter. Finally, Main Management ETF Advisors LLC purchased a new stake in Archer Aviation in the 3rd quarter worth approximately $583,000. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

About Archer Aviation

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.