Archer Aviation (NYSE:ACHR) Shares Up 2.3%

Archer Aviation Inc. (NYSE:ACHR)’s share price traded up 2.3% during mid-day trading on Thursday . The stock traded as high as $3.18 and last traded at $3.13. 2,559,819 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 6,884,218 shares. The stock had previously closed at $3.06.

Wall Street Analyst Weigh In

Several brokerages recently commented on ACHR. JPMorgan Chase & Co. lifted their target price on shares of Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. HC Wainwright started coverage on shares of Archer Aviation in a research note on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective for the company. Benchmark reissued a “buy” rating and issued a $12.00 target price on shares of Archer Aviation in a research note on Friday, August 9th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a research report on Monday. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $9.00.

Archer Aviation Stock Performance

The company’s 50-day moving average price is $3.90 and its 200 day moving average price is $3.94. The stock has a market capitalization of $993.32 million, a PE ratio of -1.95 and a beta of 2.32. The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.49 and a current ratio of 4.49.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.07. On average, equities research analysts expect that Archer Aviation Inc. will post -1.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder N.V. Stellantis purchased 2,982,089 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were bought at an average price of $3.35 per share, for a total transaction of $9,989,998.15. Following the purchase, the insider now directly owns 59,734,962 shares of the company’s stock, valued at approximately $200,112,122.70. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 27.17% of the company’s stock.

Institutional Trading of Archer Aviation

Institutional investors and hedge funds have recently bought and sold shares of the company. Hollencrest Capital Management increased its holdings in shares of Archer Aviation by 50.0% in the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after purchasing an additional 3,000 shares in the last quarter. Hsbc Holdings PLC grew its stake in shares of Archer Aviation by 14.8% in the second quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock worth $89,000 after acquiring an additional 3,341 shares during the period. CWM LLC raised its holdings in shares of Archer Aviation by 62.0% during the second quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after purchasing an additional 3,559 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Archer Aviation by 8.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 69,387 shares of the company’s stock valued at $321,000 after purchasing an additional 5,611 shares during the period. Finally, Arizona State Retirement System grew its position in Archer Aviation by 13.7% in the 2nd quarter. Arizona State Retirement System now owns 59,593 shares of the company’s stock worth $210,000 after purchasing an additional 7,184 shares during the period. 59.34% of the stock is currently owned by institutional investors.

About Archer Aviation

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.