Archer Aviation (NYSE:ACHR) Trading 8.2% Higher

Archer Aviation Inc. (NYSE:ACHR) was up 8.2% during mid-day trading on Friday . The company traded as high as $3.18 and last traded at $3.16. Approximately 6,830,418 shares changed hands during trading, a decline of 3% from the average daily volume of 7,036,685 shares. The stock had previously closed at $2.92.

Wall Street Analyst Weigh In

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

Archer Aviation Stock Performance

The company has a market cap of $1.10 billion, a P/E ratio of -1.94 and a beta of 2.32. The business’s 50 day simple moving average is $3.66 and its 200 day simple moving average is $3.89. The company has a current ratio of 4.49, a quick ratio of 4.49 and a debt-to-equity ratio of 0.13.

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

Insider Activity

In other Archer Aviation news, major shareholder N.V. Stellantis purchased 2,982,089 shares of Archer Aviation 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 completion of the transaction, the insider now 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 is available at this hyperlink. Company insiders own 27.17% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Several large investors have recently bought and sold shares of ACHR. Alpine Global Management LLC bought a new stake in Archer Aviation in the first quarter worth $5,782,000. Intellectus Partners LLC boosted its stake in Archer Aviation by 136.1% during the second quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock worth $3,187,000 after buying an additional 523,024 shares during the period. Bank of New York Mellon Corp boosted its stake in Archer Aviation by 23.9% during the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after buying an additional 254,460 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Archer Aviation by 19.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,386,406 shares of the company’s stock worth $8,513,000 after buying an additional 228,487 shares during the period. Finally, Raymond James & Associates boosted its stake in Archer Aviation by 44.4% during the second quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock worth $2,201,000 after buying an additional 192,120 shares during the period. Institutional investors own 59.34% of the company’s stock.

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.