Archer Aviation (NYSE:ACHR) Trading Up 3.2%

Archer Aviation Inc. (NYSE:ACHR) shares traded up 3.2% during trading on Tuesday . The stock traded as high as $3.22 and last traded at $3.21. 2,206,437 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 6,829,312 shares. The stock had previously closed at $3.11.

Wall Street Analyst Weigh In

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

Archer Aviation Price Performance

The firm has a market cap of $990.09 million, a P/E ratio of -1.95 and a beta of 2.32. The firm’s 50-day moving average price is $3.90 and its 200 day moving average price is $3.94. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.49 and a quick ratio of 4.49.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate 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.

Insider Buying and Selling

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

Institutional Investors Weigh In On Archer Aviation

Several institutional investors and hedge funds have recently modified their holdings of the business. Hollencrest Capital Management increased its holdings in shares of 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 buying an additional 3,000 shares in the last quarter. CWM LLC raised its holdings in Archer Aviation by 62.0% during the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after purchasing an additional 3,559 shares during the last quarter. Csenge Advisory Group acquired a new position in Archer Aviation in the second quarter valued at approximately $39,000. Tidal Investments LLC acquired a new position in shares of Archer Aviation in the 1st quarter valued at $49,000. Finally, Choreo LLC bought a new position in Archer Aviation during the second quarter worth about $49,000. Institutional investors and hedge funds 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.