Archer Aviation Inc. (NYSE:ACHR) Short Interest Up 5.8% in March

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

Wall Street Analyst Weigh In

Separately, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price objective on shares of Archer Aviation in a research note on Tuesday, February 27th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $9.60.

Archer Aviation Stock Performance

Shares of ACHR stock traded down $0.03 during trading hours on Wednesday, hitting $3.86. 3,074,566 shares of the company’s stock traded hands, compared to its average volume of 4,146,531. The stock’s fifty day simple moving average is $4.74 and its two-hundred day simple moving average is $5.27. Archer Aviation has a 12-month low of $1.77 and a 12-month high of $7.49. The company has a debt-to-equity ratio of 0.06, a current ratio of 4.21 and a quick ratio of 4.21.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Monday, February 26th. The company reported ($0.35) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.35). As a group, sell-side analysts predict that Archer Aviation will post -1.45 EPS for the current year.

Insider Buying and Selling at Archer Aviation

In other news, major shareholder N.V. Stellantis purchased 800,000 shares of the stock in a transaction on Monday, March 11th. The shares were acquired at an average price of $4.83 per share, for a total transaction of $3,864,000.00. Following the completion of the transaction, the insider now directly owns 36,251,720 shares of the company’s stock, valued at approximately $175,095,807.60. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Insiders have bought 3,150,000 shares of company stock worth $15,724,500 over the last 90 days. Corporate insiders own 27.17% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds have recently added to or reduced their stakes in ACHR. ARK Investment Management LLC grew its position in Archer Aviation by 159.6% in the 3rd quarter. ARK Investment Management LLC now owns 23,790,372 shares of the company’s stock worth $120,379,000 after purchasing an additional 14,625,655 shares during the period. State Street Corp grew its position in shares of Archer Aviation by 1,667.7% during the 2nd quarter. State Street Corp now owns 6,964,137 shares of the company’s stock valued at $21,450,000 after acquiring an additional 6,570,169 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Archer Aviation by 54.7% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,754,499 shares of the company’s stock valued at $59,478,000 after acquiring an additional 4,154,340 shares during the period. Vanguard Group Inc. grew its position in shares of Archer Aviation by 20.8% during the 4th quarter. Vanguard Group Inc. now owns 10,059,471 shares of the company’s stock valued at $61,765,000 after acquiring an additional 1,734,746 shares during the period. Finally, Invesco Ltd. grew its position in shares of Archer Aviation by 31.9% during the 1st quarter. Invesco Ltd. now owns 4,464,734 shares of the company’s stock valued at $21,475,000 after acquiring an additional 1,079,978 shares during the period. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.