Archer Aviation Inc. (NYSE:ACHR) Sees Large Increase in Short Interest

Archer Aviation Inc. (NYSE:ACHR) was the target of a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 52,040,000 shares, an increase of 5.8% from the March 15th total of 49,210,000 shares. Based on an average trading volume of 5,380,000 shares, the days-to-cover ratio is currently 9.7 days. Approximately 27.3% of the shares of the stock are sold short.

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, major shareholder N.V. Stellantis purchased 800,000 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were bought at an average cost of $4.83 per share, with a total value of $3,864,000.00. Following the acquisition, the insider now owns 36,251,720 shares in the company, valued at $175,095,807.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have acquired a total of 3,150,000 shares of company stock valued at $15,724,500 over the last ninety days. 27.17% of the stock is currently owned by company insiders.

Institutional Trading of Archer Aviation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Grove Bank & Trust purchased a new position in Archer Aviation during the 3rd quarter worth approximately $27,000. Versant Capital Management Inc acquired a new stake in Archer Aviation during the 3rd quarter worth about $28,000. Exchange Traded Concepts LLC purchased a new position in shares of Archer Aviation during the 3rd quarter valued at about $37,000. Vestor Capital LLC purchased a new position in Archer Aviation during the fourth quarter valued at approximately $61,000. Finally, Moneta Group Investment Advisors LLC acquired a new position in shares of Archer Aviation in the 4th quarter valued at $62,000. Institutional investors and hedge funds own 59.34% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a research report on Tuesday, February 27th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $9.60.

Archer Aviation Stock Down 1.9 %

Shares of NYSE ACHR opened at $3.79 on Thursday. The company has a current ratio of 4.21, a quick ratio of 4.21 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $1.18 billion, a PE ratio of -2.19 and a beta of 2.43. Archer Aviation has a 12-month low of $1.77 and a 12-month high of $7.49. The stock’s fifty day simple moving average is $4.72 and its two-hundred day simple moving average is $5.26.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Monday, February 26th. The company reported ($0.35) EPS for the quarter, meeting the consensus estimate of ($0.35). As a group, analysts expect that Archer Aviation will post -1.45 EPS for the current fiscal year.

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.