ACHR Shorts Still Holding as Q2 Print Arrives

Archer Aviation reports Q2 results on August 13 with a short base that survived a 29% weekly rally without breaking — a tension that makes the print more charged than usual.

The short position is large and stubborn. At 14.1% of free float, roughly 103.6 million shares remain short — down from a mid-July peak near 127 million, but the unwind has been slow and orderly rather than a forced cover. Borrow costs are still cheap at 0.61%, barely changed from last week, so there is no financial pressure pushing shorts out. Availability has tightened modestly to 66.7%, well off the 52-week tightest reading near 47% but narrower than the 100%-plus readings seen in early July. The ORTEX short score of 67.6 ranks in the 4th percentile of the broader universe — a signal that the combined weight of elevated short interest, cost to borrow, and availability points firmly toward a meaningful bearish overhang. What is notable is that the stock's 32% one-month gain has not dislodged it.

Options positioning adds a different layer. The put/call ratio of 0.20 is essentially flat against its 20-day average and near the 52-week low of 0.16 — options traders are not hedging into this print at all. Call-side positioning dominates, consistent with the bullish price action but also with the risk that a disappointing result catches the market leaning the wrong way. Peers across the eVTOL and advanced air mobility space have moved sharply higher on the week — EVEX up 19%, LUNR up 33%, AIRO up 26% — suggesting the sector bid is broad rather than specific to Archer.

The bull and bear cases are well-defined. Bulls point to Archer's FAA certification trajectory, its partnership infrastructure, and the analyst consensus target of $10.50 — roughly 68% above the current $6.26 close — as evidence that the market is still materially discounting the long-term value of a credible eVTOL platform. Canaccord Genuity holds a Buy with a $12 target; Needham's last published view was similarly constructive. Bears focus on the absence of revenue, ongoing regulatory and supply chain delays, and the fact that Goldman Sachs initiated at Neutral in late 2025 with a target of $11 — a more measured read on the certification timeline and capital intensity. The most recent analyst action, Canaccord lowering its target to $12 from $13 in May, keeps the directional bias positive but flags that execution risk is real. Note that these analyst actions are several months old and no bellwether has updated its view in the past 14 days.

The August 13 print will test whether Archer can offer the market anything concrete — on certification milestones, capital position, or partnership progress — that justifies holding a $6-plus stock against a short base that has already decided the answer is no.