Short Interest in Archer Aviation Inc. (NYSE:ACHR) Declines By 6.0%

Archer Aviation Inc. (NYSE:ACHR) was the recipient of a large decline in short interest during the month of June. As of June 15th, there was short interest totalling 54,460,000 shares, a decline of 6.0% from the May 31st total of 57,920,000 shares. Based on an average daily volume of 5,380,000 shares, the days-to-cover ratio is currently 10.1 days. Currently, 26.1% of the shares of the stock are short sold.

Hedge Funds Weigh In On Archer Aviation

A number of large investors have recently modified their holdings of the company. ARK Investment Management LLC boosted its position in Archer Aviation by 4.7% during the 4th quarter. ARK Investment Management LLC now owns 24,907,280 shares of the company’s stock worth $152,931,000 after purchasing an additional 1,116,908 shares during the period. Vanguard Group Inc. grew its stake in shares of Archer Aviation by 20.1% in the third quarter. Vanguard Group Inc. now owns 8,324,725 shares of the company’s stock valued at $42,123,000 after buying an additional 1,394,872 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Archer Aviation by 19.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,386,406 shares of the company’s stock valued at $8,513,000 after buying an additional 228,487 shares during the period. Alpine Global Management LLC purchased a new stake in shares of Archer Aviation during the 1st quarter valued at about $5,782,000. Finally, Vestmark Advisory Solutions Inc. acquired a new position in Archer Aviation during the 4th quarter worth approximately $3,825,000. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. decreased their price target on shares of Archer Aviation from $7.00 to $5.00 and set an “overweight” rating on the stock in a research note on Friday, May 3rd. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a research report on Monday. Benchmark reiterated a “buy” rating and issued a $12.00 price target on shares of Archer Aviation in a report on Tuesday, May 21st. Finally, Barclays decreased their price objective on Archer Aviation from $6.50 to $4.50 and set an “equal weight” rating on the stock in a report on Friday, May 17th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.10.

Archer Aviation Trading Up 8.9 %

Shares of ACHR stock opened at $3.73 on Wednesday. The company has a quick ratio of 6.01, a current ratio of 6.01 and a debt-to-equity ratio of 0.08. Archer Aviation has a one year low of $3.00 and a one year high of $7.49. The company has a 50 day moving average price of $3.55 and a 200 day moving average price of $4.50.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.08). During the same period last year, the business posted ($0.46) earnings per share. Analysts forecast that Archer Aviation will post -1.33 earnings per share for the current fiscal year.

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.