Arrive AI Inc. (NASDAQ:ARAI) Sees Large Decline in Short Interest
by Tristan Rich · The Markets DailyArrive AI Inc. (NASDAQ:ARAI – Get Free Report) saw a significant drop in short interest in December. As of December 15th, there was short interest totaling 275,998 shares, a drop of 23.3% from the November 30th total of 360,029 shares. Based on an average daily volume of 79,905 shares, the days-to-cover ratio is presently 3.5 days. Currently, 0.8% of the company’s stock are sold short. Currently, 0.8% of the company’s stock are sold short. Based on an average daily volume of 79,905 shares, the days-to-cover ratio is presently 3.5 days.
Hedge Funds Weigh In On Arrive AI
Hedge funds have recently made changes to their positions in the company. New York State Common Retirement Fund purchased a new position in Arrive AI in the 3rd quarter worth $45,000. PharVision Advisers LLC acquired a new position in shares of Arrive AI in the third quarter valued at about $60,000. Two Sigma Investments LP purchased a new position in shares of Arrive AI in the third quarter worth about $106,000. Tower Research Capital LLC TRC acquired a new stake in shares of Arrive AI during the second quarter worth about $133,000. Finally, OMERS ADMINISTRATION Corp acquired a new stake in shares of Arrive AI during the second quarter worth about $543,000.
Analysts Set New Price Targets
A number of equities analysts have commented on ARAI shares. Maxim Group started coverage on shares of Arrive AI in a report on Tuesday, November 4th. They issued a “buy” rating and a $12.00 target price for the company. Weiss Ratings reiterated a “sell (e)” rating on shares of Arrive AI in a research note on Monday. Finally, Wall Street Zen cut shares of Arrive AI from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Arrive AI presently has a consensus rating of “Hold” and a consensus price target of $12.00.
Check Out Our Latest Stock Analysis on ARAI
Arrive AI Stock Down 4.7%
ARAI opened at $2.63 on Thursday. The company has a market cap of $89.97 million and a P/E ratio of -13.84. The firm’s 50-day moving average price is $3.89 and its 200-day moving average price is $5.65. Arrive AI has a 52-week low of $2.60 and a 52-week high of $40.00.
Arrive AI (NASDAQ:ARAI – Get Free Report) last released its earnings results on Friday, November 14th. The company reported ($0.07) earnings per share for the quarter. The business had revenue of $0.01 million for the quarter.
Arrive AI Company Profile
We were incorporated on April 30, 2020, in the State of Delaware under the name of Dronedek Corporation. The Company changed its name to Arrive Technology Inc on July 27, 2023. The Company changed its name to Arrive AI Inc on September 30, 2024. We are a developmental technology company with a focus on designing and implementing a commercially viable smart mailbox and platform system for smart, secure, and seamless exchange of packages, goods, supplies, food, and medications between people, through the use of robots, and drones.