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

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

Insiders Place Their Bets

In other Archer Aviation news, major shareholder N.V. Stellantis bought 2,982,089 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was bought at an average price of $3.35 per share, with a total value of $9,989,998.15. Following the completion of the purchase, the insider now directly owns 59,734,962 shares in the company, valued at $200,112,122.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 27.17% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Algert Global LLC acquired a new position in Archer Aviation during the second quarter worth $76,000. Susquehanna Fundamental Investments LLC bought a new stake in Archer Aviation in the 2nd quarter valued at $62,000. The Manufacturers Life Insurance Company boosted its holdings in Archer Aviation by 42.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 120,870 shares of the company’s stock valued at $425,000 after purchasing an additional 36,130 shares during the period. Xponance Inc. acquired a new stake in Archer Aviation in the 2nd quarter worth $51,000. Finally, DRW Securities LLC bought a new position in shares of Archer Aviation during the 2nd quarter worth about $68,000. 59.34% of the stock is owned by hedge funds and other institutional investors.

Archer Aviation Trading Down 2.2 %

Shares of NYSE:ACHR opened at $3.06 on Thursday. Archer Aviation has a fifty-two week low of $3.00 and a fifty-two week high of $7.01. The company has a market cap of $990.09 million, a PE ratio of -1.88 and a beta of 2.32. The company’s 50-day moving average price is $3.90 and its 200 day moving average price is $3.94. The company has a quick ratio of 4.49, a current ratio of 4.49 and a debt-to-equity ratio of 0.13.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.07. Sell-side analysts anticipate that Archer Aviation will post -1.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ACHR. Benchmark reissued a “buy” rating and issued a $12.00 target price on shares of Archer Aviation in a report on Friday, August 9th. HC Wainwright started coverage on Archer Aviation in a report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price target on the stock. JPMorgan Chase & Co. raised their target price on shares of Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a research report on Monday. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.