Short Interest in Archer Aviation Inc. (NYSE:ACHR) Decreases By 6.7%

Archer Aviation Inc. (NYSE:ACHR) was the recipient of a significant drop in short interest during the month of November. As of November 30th, there was short interest totalling 71,440,000 shares, a drop of 6.7% from the November 15th total of 76,610,000 shares. Based on an average daily volume of 23,010,000 shares, the days-to-cover ratio is presently 3.1 days. Approximately 26.6% of the shares of the company are short sold.

Analysts Set New Price Targets

Several analysts have commented on the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a report on Monday, October 7th. Canaccord Genuity Group raised their price objective on Archer Aviation from $8.50 to $11.00 and gave the company a “buy” rating in a report on Friday. Deutsche Bank Aktiengesellschaft raised their price objective on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday. HC Wainwright reissued a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a report on Monday. Finally, Needham & Company LLC assumed coverage on Archer Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $10.25.

Archer Aviation Price Performance

Shares of NYSE:ACHR traded up $0.42 during trading on Tuesday, reaching $9.29. The stock had a trading volume of 36,325,651 shares, compared to its average volume of 12,097,165. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The business has a fifty day moving average price of $5.00 and a 200-day moving average price of $4.14. The stock has a market cap of $3.95 billion, a PE ratio of -6.74 and a beta of 3.19. Archer Aviation has a 1-year low of $2.82 and a 1-year high of $9.84.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period in the previous year, the business earned ($0.19) earnings per share. On average, equities analysts forecast that Archer Aviation will post -1.28 earnings per share for the current fiscal year.

Insider Transactions at Archer Aviation

In related news, Director Deborah Diaz bought 5,150 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were purchased at an average cost of $7.48 per share, with a total value of $38,522.00. Following the completion of the acquisition, the director now directly owns 98,886 shares in the company, valued at approximately $739,667.28. The trade was a 5.49 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Adam D. Goldstein sold 805,170 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total value of $3,727,937.10. Following the sale, the chief executive officer now directly owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. This trade represents a 16.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders bought 776,791 shares of company stock worth $5,139,699 and sold 1,571,386 shares worth $9,236,577. Company insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors have recently added to or reduced their stakes in the stock. Tidal Investments LLC lifted its position in Archer Aviation by 29.9% during the third quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock worth $44,000 after buying an additional 3,339 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in Archer Aviation during the third quarter worth approximately $80,000. Barclays PLC lifted its position in Archer Aviation by 272.7% during the third quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after buying an additional 312,440 shares in the last quarter. Geode Capital Management LLC raised its position in Archer Aviation by 5.6% in the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock valued at $15,487,000 after purchasing an additional 268,896 shares during the period. Finally, Main Management ETF Advisors LLC purchased a new stake in Archer Aviation in the third quarter valued at $583,000. Hedge funds and other 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.