Archer Aviation (NYSE:ACHR) Shares Up 2.2%

Archer Aviation Inc. (NYSE:ACHR) shares rose 2.2% during trading on Friday . The company traded as high as $3.81 and last traded at $3.76. 2,164,957 shares traded hands during trading, a decline of 67% from the average session volume of 6,484,464 shares. The stock had previously closed at $3.68.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Benchmark reissued a “buy” rating and issued a $12.00 price target on shares of Archer Aviation in a research note on Friday, August 9th. JPMorgan Chase & Co. raised their target price on Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a research note on Monday, August 19th. Finally, Barclays reduced their price objective on shares of Archer Aviation from $6.50 to $4.50 and set an “equal weight” rating on the stock in a research note on Friday, May 17th.

Archer Aviation Trading Up 3.8 %

The company has a quick ratio of 6.01, a current ratio of 6.01 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $1.24 billion, a P/E ratio of -2.34 and a beta of 2.35. The company has a fifty day simple moving average of $4.04 and a two-hundred day simple moving average of $4.16.

Insider Activity

In related news, major shareholder N.V. Stellantis bought 2,982,089 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were purchased at an average cost of $3.35 per share, for a total transaction of $9,989,998.15. Following the acquisition, the insider now owns 59,734,962 shares of the company’s stock, valued at approximately $200,112,122.70. The purchase was disclosed in a filing with the SEC, which is available at this link. 27.17% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

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

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.