Archer Aviation Inc. (NYSE:ACHR) Sees Significant Growth in Short Interest

Archer Aviation Inc. (NYSE:ACHRGet Rating) was the recipient of a significant increase in short interest in April. As of April 15th, there was short interest totalling 7,150,000 shares, an increase of 41.0% from the March 31st total of 5,070,000 shares. Currently, 6.2% of the company’s shares are short sold. Based on an average trading volume of 2,000,000 shares, the short-interest ratio is currently 3.6 days.

Several research firms have recently issued reports on ACHR. Deutsche Bank Aktiengesellschaft began coverage on Archer Aviation in a report on Monday, April 11th. They set a “buy” rating and a $10.00 target price on the stock. Zacks Investment Research upgraded Archer Aviation from a “hold” rating to a “buy” rating and set a $4.25 price objective for the company in a research report on Thursday, March 17th. Barclays dropped their price objective on Archer Aviation from $10.00 to $5.50 in a research report on Tuesday, January 18th. Finally, JPMorgan Chase & Co. began coverage on Archer Aviation in a research report on Thursday. They set an “overweight” rating and a $7.00 price objective for the company. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $8.15.

Shares of ACHR stock traded down $0.02 on Friday, hitting $4.61. 2,390,647 shares of the company’s stock were exchanged, compared to its average volume of 1,626,813. Archer Aviation has a 12 month low of $2.61 and a 12 month high of $10.72. The company has a 50 day moving average of $3.94 and a 200 day moving average of $4.88.

In other news, major shareholder Marc E. Lore purchased 163,355 shares of the company’s stock in a transaction on Thursday, March 3rd. The shares were purchased at an average price of $2.98 per share, with a total value of $486,797.90. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Marc E. Lore purchased 41,405 shares of the company’s stock in a transaction on Thursday, March 10th. The stock was purchased at an average cost of $3.25 per share, for a total transaction of $134,566.25. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 541,303 shares of company stock worth $1,666,395.

A number of institutional investors have recently bought and sold shares of the business. ARK Investment Management LLC raised its position in Archer Aviation by 97.1% in the fourth quarter. ARK Investment Management LLC now owns 11,306,020 shares of the company’s stock valued at $68,288,000 after purchasing an additional 5,568,451 shares during the last quarter. Greycroft LP bought a new position in shares of Archer Aviation during the fourth quarter worth about $37,853,000. Nikko Asset Management Americas Inc. raised its position in shares of Archer Aviation by 66.0% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 4,176,133 shares of the company’s stock worth $25,140,000 after acquiring an additional 1,660,276 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Archer Aviation by 76.5% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,155,038 shares of the company’s stock worth $25,096,000 after acquiring an additional 1,800,936 shares during the last quarter. Finally, Invesco Ltd. bought a new position in shares of Archer Aviation during the fourth quarter worth about $20,444,000. Hedge funds and other institutional investors own 66.96% of the company’s stock.

About Archer Aviation (Get Rating)

Archer Aviation Inc, an urban air mobility company, engages in designs, develops, manufactures, and operates electric vertical takeoff and landing aircrafts to carry passengers. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc Archer Aviation Inc was incorporated in 2018 and is headquartered in Palo Alto, California.

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