Archer Aviation Inc. (NYSE:ACHR) Short Interest Up 14.1% in October

Archer Aviation Inc. (NYSE:ACHR) was the target of a large growth in short interest in October. As of October 15th, there was short interest totalling 59,150,000 shares, a growth of 14.1% from the September 30th total of 51,840,000 shares. Approximately 26.6% of the shares of the company are sold short. Based on an average daily volume of 10,300,000 shares, the days-to-cover ratio is currently 5.7 days.

Insider Buying and Selling at Archer Aviation

In related news, major shareholder N.V. Stellantis acquired 2,982,089 shares of the company’s stock in a transaction on Thursday, August 8th. The stock was purchased at an average cost of $3.35 per share, with a total value of $9,989,998.15. Following the acquisition, the insider now directly owns 59,734,962 shares of the company’s stock, valued at approximately $200,112,122.70. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 12.80% of the company’s stock.

Institutional Trading of Archer Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ACHR. Bank of New York Mellon Corp grew its holdings in shares of Archer Aviation by 23.9% during the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock valued at $4,651,000 after buying an additional 254,460 shares during the last quarter. Alpine Global Management LLC purchased a new stake in shares of Archer Aviation in the first quarter worth approximately $5,782,000. Intellectus Partners LLC boosted its position in shares of Archer Aviation by 136.1% during the second quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock valued at $3,187,000 after buying an additional 523,024 shares during the last quarter. Raymond James & Associates lifted its stake in Archer Aviation by 44.4% during the 2nd quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock valued at $2,201,000 after acquiring an additional 192,120 shares in the last quarter. Finally, Swiss National Bank grew its stake in shares of Archer Aviation by 2.3% in the 1st quarter. Swiss National Bank now owns 376,600 shares of the company’s stock worth $1,740,000 after acquiring an additional 8,500 shares in the last quarter. 59.34% of the stock is owned by institutional investors.

Archer Aviation Trading Down 4.3 %

Archer Aviation stock traded down $0.14 during trading hours on Thursday, reaching $3.14. 11,379,958 shares of the company’s stock were exchanged, compared to its average volume of 7,694,858. The firm’s 50 day simple moving average is $3.22 and its 200 day simple moving average is $3.63. Archer Aviation has a twelve month low of $2.82 and a twelve month high of $7.01. 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 firm has a market capitalization of $1.12 billion, a PE ratio of -2.58 and a beta of 2.31.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.07. Research analysts predict that Archer Aviation will post -1.2 earnings per share for the current year.

Analysts Set New Price Targets

ACHR has been the topic of several recent analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a research note on Monday, October 7th. JPMorgan Chase & Co. boosted their target price on Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. HC Wainwright started coverage on shares of Archer Aviation in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price target on the stock. Finally, Benchmark reiterated a “buy” rating and set a $12.00 price objective on shares of Archer Aviation in a research report on Friday, August 9th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $9.00.

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.