Short Interest in Archer Aviation Inc. (NYSE:ACHR) Drops By 8.3%

Archer Aviation Inc. (NYSE:ACHR) was the recipient of a significant drop in short interest during the month of 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 trading volume of 9,580,000 shares, the short-interest ratio is presently 6.3 days. Currently, 27.1% of the shares of the company are short sold.

Insiders Place Their Bets

In other news, major shareholder N.V. Stellantis purchased 2,982,089 shares of Archer Aviation stock in a transaction that occurred on Thursday, August 8th. The stock was acquired at an average cost of $3.35 per share, for a total transaction of $9,989,998.15. Following the purchase, the insider now directly owns 59,734,962 shares of the company’s stock, valued at approximately $200,112,122.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 27.17% of the company’s stock.

Institutional Trading of Archer Aviation

Institutional investors have recently modified their holdings of the business. Victory Capital Management Inc. lifted its stake in shares of Archer Aviation by 50.0% in the fourth quarter. Victory Capital Management Inc. now owns 24,748 shares of the company’s stock worth $152,000 after acquiring an additional 8,246 shares during the period. Swiss National Bank lifted its position in shares of Archer Aviation by 29.5% in the 4th quarter. Swiss National Bank now owns 368,100 shares of the company’s stock worth $2,260,000 after purchasing an additional 83,800 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Archer Aviation by 19.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,386,406 shares of the company’s stock valued at $8,513,000 after purchasing an additional 228,487 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Archer Aviation during the fourth quarter worth $230,000. Finally, Aigen Investment Management LP bought a new position in Archer Aviation during the fourth quarter worth $411,000. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Price Performance

Shares of Archer Aviation stock traded down $0.07 during trading on Wednesday, reaching $3.06. 11,791,884 shares of the company’s stock were exchanged, compared to its average volume of 6,897,977. The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.49 and a current ratio of 4.49. The company has a market cap of $990.09 million, a P/E ratio of -1.88 and a beta of 2.32. Archer Aviation has a 1-year low of $3.00 and a 1-year high of $7.01. The firm’s 50-day moving average price is $3.93 and its 200 day moving average price is $3.95.

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

Analyst Ratings Changes

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