Archer Aviation Inc. (NYSE:ACHR) Short Interest Down 8.3% in August

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

Insider Buying and Selling

In related news, major shareholder N.V. Stellantis bought 2,982,089 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The shares were bought 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 of the company’s stock, valued at $200,112,122.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 27.17% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Archer Aviation

Several hedge funds have recently modified their holdings of ACHR. Hollencrest Capital Management increased its position in shares of Archer Aviation by 50.0% during the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after acquiring an additional 3,000 shares during the last quarter. CWM LLC raised its stake in shares of Archer Aviation by 62.0% during the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after purchasing an additional 3,559 shares during the period. Tidal Investments LLC purchased a new position in shares of Archer Aviation in the 1st quarter worth about $49,000. Csenge Advisory Group bought a new position in Archer Aviation during the second quarter valued at about $39,000. Finally, StoneX Group Inc. purchased a new stake in Archer Aviation during the fourth quarter worth about $70,000. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Stock Down 2.2 %

NYSE ACHR traded down $0.07 on Wednesday, reaching $3.06. The company had a trading volume of 11,791,884 shares, compared to its average volume of 6,897,977. The company has a quick ratio of 4.49, a current ratio of 4.49 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $990.09 million, a P/E ratio of -1.88 and a beta of 2.32. The company’s fifty day moving average is $3.93 and its 200 day moving average is $3.95. Archer Aviation has a 52-week low of $3.00 and a 52-week high of $7.01.

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

Analyst Ratings Changes

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