Archer Aviation Inc. (NYSE:ACHR) Sees Significant Drop in Short Interest

Archer Aviation Inc. (NYSE:ACHR) was the target of a large decline in short interest in August. As of August 31st, there was short interest totalling 60,020,000 shares, a decline of 8.3% from the August 15th total of 65,440,000 shares. Currently, 27.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 9,580,000 shares, the days-to-cover ratio is currently 6.3 days.

Archer Aviation Stock Performance

Shares of ACHR opened at $3.06 on Thursday. The firm has a fifty day simple moving average of $3.90 and a 200 day simple moving average of $3.94. Archer Aviation has a 12 month low of $3.00 and a 12 month high of $7.01. The company has a current ratio of 4.49, a quick ratio of 4.49 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $990.09 million, a price-to-earnings ratio of -1.88 and a beta of 2.32.

Archer Aviation (NYSE:ACHR) last released its earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.38) by $0.07. Research analysts forecast that Archer Aviation will post -1.33 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In other Archer Aviation news, major shareholder N.V. Stellantis acquired 2,982,089 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was purchased at an average price of $3.35 per share, for a total transaction of $9,989,998.15. Following the transaction, the insider now owns 59,734,962 shares in the company, valued at approximately $200,112,122.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 27.17% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ACHR. Charles Schwab Investment Management Inc. lifted its position in shares of Archer Aviation by 19.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,386,406 shares of the company’s stock worth $8,513,000 after buying an additional 228,487 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Archer Aviation by 23.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock valued at $4,651,000 after buying an additional 254,460 shares during the period. Alpine Global Management LLC acquired a new stake in Archer Aviation in the first quarter valued at approximately $5,782,000. Intellectus Partners LLC grew its position in Archer Aviation by 136.1% in the 2nd quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock valued at $3,187,000 after purchasing an additional 523,024 shares during the period. Finally, Raymond James & Associates grew its holdings in shares of Archer Aviation by 44.4% during the second quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock valued at $2,201,000 after buying an additional 192,120 shares during the last quarter. 59.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a research report on Monday. Benchmark reaffirmed a “buy” rating and issued a $12.00 target price on shares of Archer Aviation in a research note on Friday, August 9th. JPMorgan Chase & Co. increased their target price 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. Finally, HC Wainwright assumed coverage on shares of Archer Aviation in a report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price target for the company. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $9.00.

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.