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

Archer Aviation Inc. (NYSE:ACHRGet Free Report) was the recipient of a large decline in short interest during the month of November. As of November 30th, there was short interest totalling 71,440,000 shares, a decline of 6.7% from the November 15th total of 76,610,000 shares. Based on an average trading volume of 23,010,000 shares, the short-interest ratio is currently 3.1 days. Currently, 26.6% of the shares of the company are short sold.

Insiders Place Their Bets

In other Archer Aviation news, major shareholder N.V. Stellantis purchased 751,879 shares of the stock in a transaction on Wednesday, December 11th. The shares were purchased at an average price of $6.65 per share, with a total value of $4,999,995.35. Following the acquisition, the insider now directly owns 60,486,841 shares of the company’s stock, valued at $402,237,492.65. This represents a 1.26 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Thomas Paul Muniz sold 438,428 shares of the stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $7.59, for a total transaction of $3,327,668.52. Following the completion of the transaction, the chief technology officer now directly owns 1,170,360 shares of the company’s stock, valued at $8,883,032.40. This trade represents a 27.25 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders bought 776,791 shares of company stock valued at $5,139,699 and sold 1,571,386 shares valued at $9,236,577. Company insiders own 9.75% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tidal Investments LLC lifted its holdings in shares of Archer Aviation by 29.9% during the 3rd quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock valued at $44,000 after purchasing an additional 3,339 shares in the last quarter. Sanctuary Advisors LLC bought a new position in Archer Aviation in the third quarter valued at approximately $80,000. Barclays PLC lifted its stake in Archer Aviation by 272.7% in the third quarter. Barclays PLC now owns 427,023 shares of the company’s stock valued at $1,294,000 after buying an additional 312,440 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Archer Aviation by 5.6% during the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after acquiring an additional 268,896 shares in the last quarter. Finally, Main Management ETF Advisors LLC acquired a new stake in shares of Archer Aviation during the third quarter worth $583,000. 59.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ACHR. HC Wainwright reiterated a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a research report on Monday. Canaccord Genuity Group boosted their price objective on Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Needham & Company LLC started coverage on Archer Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $11.00 target price on the stock. Deutsche Bank Aktiengesellschaft lifted their price target on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 price objective on shares of Archer Aviation in a report on Monday, October 7th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $10.25.

Check Out Our Latest Stock Report on ACHR

Archer Aviation Price Performance

Archer Aviation stock opened at $9.07 on Wednesday. The firm has a market capitalization of $3.86 billion, a P/E ratio of -6.87 and a beta of 3.19. The business has a 50-day moving average of $5.00 and a 200-day moving average of $4.14. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. Archer Aviation has a 1 year low of $2.82 and a 1 year high of $9.84.

Archer Aviation (NYSE:ACHRGet Free Report) last announced its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period in the prior year, the company earned ($0.19) EPS. On average, equities analysts anticipate that Archer Aviation will post -1.28 EPS for the current year.

Archer Aviation Company Profile

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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.

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