Archer Aviation Inc. (NYSE:ACHR) Short Interest Down 6.0% in June

Archer Aviation Inc. (NYSE:ACHR) was the target of a large decline in short interest in June. As of June 15th, there was short interest totalling 54,460,000 shares, a decline of 6.0% from the May 31st total of 57,920,000 shares. Based on an average daily trading volume, of 5,380,000 shares, the days-to-cover ratio is presently 10.1 days. Approximately 26.1% of the shares of the stock are sold short.

Archer Aviation Stock Performance

Shares of ACHR opened at $4.21 on Thursday. The company has a market cap of $1.36 billion, a PE ratio of -2.58 and a beta of 2.35. The company has a current ratio of 6.01, a quick ratio of 6.01 and a debt-to-equity ratio of 0.08. The stock has a 50-day moving average price of $3.56 and a 200-day moving average price of $4.50. Archer Aviation has a 12-month low of $3.00 and a 12-month high of $7.49.

Archer Aviation (NYSE:ACHR) last released its earnings results on Thursday, May 9th. The company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.08). During the same period in the prior year, the company posted ($0.46) earnings per share. As a group, equities analysts forecast that Archer Aviation will post -1.33 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have weighed in on ACHR. Benchmark reaffirmed a “buy” rating and set a $12.00 target price on shares of Archer Aviation in a report on Tuesday, May 21st. JPMorgan Chase & Co. reduced their target price on Archer Aviation from $7.00 to $5.00 and set an “overweight” rating for the company in a report on Friday, May 3rd. Barclays reduced their target price on Archer Aviation from $6.50 to $4.50 and set an “equal weight” rating for the company in a report on Friday, May 17th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price target 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. Based on data from MarketBeat, Archer Aviation has an average rating of “Moderate Buy” and a consensus target price of $8.10.

Institutional Trading of Archer Aviation

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Archer Aviation by 20.1% in the 3rd quarter. Vanguard Group Inc. now owns 8,324,725 shares of the company’s stock worth $42,123,000 after buying an additional 1,394,872 shares during the last quarter. Spire Wealth Management lifted its position in Archer Aviation by 33.4% in the 4th quarter. Spire Wealth Management now owns 44,943 shares of the company’s stock worth $276,000 after buying an additional 11,248 shares during the last quarter. Victory Capital Management Inc. lifted its position in Archer Aviation by 50.0% in the 4th quarter. Victory Capital Management Inc. now owns 24,748 shares of the company’s stock worth $152,000 after buying an additional 8,246 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Archer Aviation in the 4th quarter worth approximately $230,000. Finally, DekaBank Deutsche Girozentrale lifted its position in Archer Aviation by 11.2% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 111,163 shares of the company’s stock worth $693,000 after buying an additional 11,163 shares during the last quarter. Institutional investors 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.