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

Archer Aviation Inc. (NYSE:ACHR) saw a significant increase in short interest in 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 trading volume, of 8,030,000 shares, the short-interest ratio is currently 7.6 days. Currently, 30.2% of the company’s stock are short sold.

Archer Aviation Stock Performance

NYSE:ACHR traded up $0.11 during midday trading on Friday, hitting $3.84. The company’s stock had a trading volume of 10,760,976 shares, compared to its average volume of 6,458,181. Archer Aviation has a fifty-two week low of $3.00 and a fifty-two 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 cap of $1.24 billion, a P/E ratio of -2.36 and a beta of 2.35. The firm’s 50 day moving average is $3.99 and its 200-day moving average is $4.20.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ACHR. JPMorgan Chase & Co. upped their target price on Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Benchmark reiterated a “buy” rating and issued a $12.00 target price on shares of Archer Aviation in a research note on Friday, August 9th. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a research note on Monday, July 22nd. Finally, Barclays decreased 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. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $8.30.

Insiders Place Their Bets

In related news, major shareholder N.V. Stellantis acquired 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, with a total value of $9,989,998.15. Following the completion of the transaction, the insider now directly owns 59,734,962 shares in the company, valued at $200,112,122.70. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 27.17% of the stock is owned by company insiders.

Institutional Trading of Archer Aviation

Several large investors have recently made changes to their positions in the business. Arizona State Retirement System lifted its holdings in shares of Archer Aviation by 41.8% in the 4th quarter. Arizona State Retirement System now owns 52,216 shares of the company’s stock valued at $321,000 after buying an additional 15,385 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Archer Aviation in the fourth quarter valued at approximately $294,000. Herold Advisors Inc. boosted its position in Archer Aviation by 280.2% in the 4th quarter. Herold Advisors Inc. now owns 64,954 shares of the company’s stock worth $399,000 after purchasing an additional 47,872 shares in the last quarter. Sargent Investment Group LLC grew its stake in shares of Archer Aviation by 6.3% during the 4th quarter. Sargent Investment Group LLC now owns 203,130 shares of the company’s stock worth $1,247,000 after purchasing an additional 11,980 shares during the period. Finally, Victory Capital Management Inc. increased its holdings in shares of Archer Aviation by 50.0% during the 4th quarter. Victory Capital Management Inc. now owns 24,748 shares of the company’s stock valued at $152,000 after purchasing an additional 8,246 shares in the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.