Short Interest in Archer Aviation Inc. (NYSE:ACHR) Expands By 5.6%

Archer Aviation Inc. (NYSE:ACHR) was the recipient of a large increase in short interest during the month of July. As of July 31st, there was short interest totalling 61,110,000 shares, an increase of 5.6% from the July 15th total of 57,860,000 shares. Based on an average daily volume of 8,030,000 shares, the days-to-cover ratio is currently 7.6 days. Currently, 30.2% of the shares of the company are short sold.

Archer Aviation Trading Down 2.6 %

ACHR stock traded down $0.10 during trading on Monday, reaching $3.74. 8,632,557 shares of the stock traded hands, compared to its average volume of 6,472,018. The business’s 50 day moving average price is $3.99 and its 200-day moving average price is $4.19. Archer Aviation has a 52-week low of $3.00 and a 52-week high of $7.49. The company has a debt-to-equity ratio of 0.08, a current ratio of 6.01 and a quick ratio of 6.01. The firm has a market capitalization of $1.21 billion, a PE ratio of -2.24 and a beta of 2.35.

Wall Street Analysts Forecast Growth

ACHR has been the subject of a number of research analyst reports. Benchmark reiterated a “buy” rating and issued a $12.00 price target on shares of Archer Aviation in a report on Friday, August 9th. Barclays cut their price target on shares of Archer Aviation from $6.50 to $4.50 and set an “equal weight” rating for the company in a report on Friday, May 17th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a report on Monday. Finally, JPMorgan Chase & Co. increased their price target 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. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Archer Aviation currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.30.

Insider Activity at Archer Aviation

In other Archer Aviation 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 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 directly owns 59,734,962 shares in the company, valued at $200,112,122.70. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 27.17% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ACHR. Alpine Global Management LLC acquired a new position in shares of Archer Aviation during the first quarter worth about $5,782,000. Vestmark Advisory Solutions Inc. acquired a new position in shares of Archer Aviation in the fourth quarter worth about $3,825,000. Intellectus Partners LLC lifted its stake in shares of Archer Aviation by 136.1% in the second quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock worth $3,187,000 after acquiring an additional 523,024 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Archer Aviation by 23.9% in the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after acquiring an additional 254,460 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Archer Aviation by 19.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,386,406 shares of the company’s stock worth $8,513,000 after acquiring an additional 228,487 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

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.