Archer Aviation (NYSE:ACHR) Trading 1.6% Higher – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s stock price shot up 1.6% on Friday . The stock traded as high as $3.28 and last traded at $3.24. 2,478,137 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 7,341,021 shares. The stock had previously closed at $3.19.

Analyst Upgrades and Downgrades

Several research analysts have commented on ACHR shares. HC Wainwright started coverage on Archer Aviation in a research note on Tuesday, September 3rd. They set a “buy” rating and a $12.50 target price for the company. Benchmark reaffirmed a “buy” rating and set a $12.00 target price on shares of Archer Aviation in a research note on Friday, August 9th. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a report on Monday, October 7th. Finally, JPMorgan Chase & Co. raised their price objective on Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $9.00.

Archer Aviation Stock Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 4.49 and a quick ratio of 4.49. The company has a market cap of $1.03 billion, a price-to-earnings ratio of -1.96 and a beta of 2.31. The business’s fifty day moving average price is $3.29 and its 200 day moving average price is $3.68.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Thursday, August 8th. The company reported ($0.31) EPS for the quarter, topping the consensus estimate of ($0.38) by $0.07. Research analysts anticipate that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Insider Activity at Archer Aviation

In other news, major shareholder N.V. Stellantis acquired 2,982,089 shares of Archer Aviation stock in a transaction dated Thursday, August 8th. The shares were bought at an average cost of $3.35 per share, with a total value of $9,989,998.15. Following the purchase, the insider now owns 59,734,962 shares in the company, valued at $200,112,122.70. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 27.17% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

A number of large investors have recently bought and sold shares of the stock. Alpine Global Management LLC bought a new stake in shares of Archer Aviation in the first quarter valued at approximately $5,782,000. Intellectus Partners LLC lifted its position in shares of 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 acquiring an additional 523,024 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Archer Aviation by 23.9% in 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 acquiring an additional 254,460 shares during the period. Raymond James & Associates boosted its stake in Archer Aviation by 44.4% in the 2nd quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock worth $2,201,000 after purchasing an additional 192,120 shares during the period. Finally, DNB Asset Management AS grew its stake in Archer Aviation by 195.1% during the second quarter. DNB Asset Management AS now owns 263,063 shares of the company’s stock valued at $926,000 after acquiring an additional 173,919 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.