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

Archer Aviation Inc. (NYSE:ACHR) was the target of a significant increase in short interest during the month of October. As of October 15th, there was short interest totalling 59,150,000 shares, an increase of 14.1% from the September 30th total of 51,840,000 shares. Approximately 26.6% of the shares of the company are sold short. Based on an average daily volume of 10,300,000 shares, the short-interest ratio is currently 5.7 days.

Archer Aviation Price Performance

NYSE:ACHR traded down $0.14 during trading hours on Thursday, hitting $3.14. The stock had a trading volume of 11,379,958 shares, compared to its average volume of 7,694,858. The company has a 50 day simple moving average of $3.22 and a two-hundred day simple moving average of $3.63. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of -2.58 and a beta of 2.31. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.49 and a quick ratio of 4.49. Archer Aviation has a one year low of $2.82 and a one year high of $7.01.

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

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. upped their price target on Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. HC Wainwright began coverage on shares of Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 target price for the company. Benchmark reissued a “buy” rating and issued a $12.00 price target on shares of Archer Aviation in a research report on Friday, August 9th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a report on Monday, October 7th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $9.00.

Insiders Place Their Bets

In related news, major shareholder N.V. Stellantis acquired 2,982,089 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was acquired at an average price of $3.35 per share, for a total transaction 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 approximately $200,112,122.70. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Miller Wealth Advisors LLC purchased a new stake in shares of Archer Aviation in the 3rd quarter valued at $26,000. Code Waechter LLC bought a new position in Archer Aviation during the 3rd quarter worth approximately $30,000. Azzad Asset Management Inc. ADV purchased a new position in Archer Aviation in the 3rd quarter worth approximately $31,000. Hollencrest Capital Management lifted its position in Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after purchasing an additional 3,000 shares during the last quarter. Finally, CWM LLC boosted its stake in shares of Archer Aviation by 62.0% during the second quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after purchasing an additional 3,559 shares during the period. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.