Archer Aviation (NYSE:ACHR) Stock Price Up 6.4%

Archer Aviation Inc. (NYSE:ACHR) rose 6.4% on Wednesday . The stock traded as high as $3.18 and last traded at $3.16. Approximately 5,887,821 shares traded hands during trading, a decline of 18% from the average daily volume of 7,140,978 shares. The stock had previously closed at $2.97.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Benchmark reiterated a “buy” rating and set a $12.00 price target on shares of Archer Aviation in a report on Friday, August 9th. JPMorgan Chase & Co. boosted their price target on shares of Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. HC Wainwright started coverage on shares of Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price target on the stock. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a research report on Monday. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target 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 stock’s 50-day moving average price is $3.57 and its 200 day moving average price is $3.83. The firm has a market cap of $1.03 billion, a P/E ratio of -1.91 and a beta of 2.32.

Archer Aviation (NYSE:ACHR) last released its earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.38) by $0.07. As a group, equities analysts predict that Archer Aviation Inc. will post -1.33 EPS for the current year.

Insider Activity

In other Archer Aviation news, major shareholder N.V. Stellantis bought 2,982,089 shares of the 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 completion of the acquisition, the insider now owns 59,734,962 shares of the company’s stock, valued at $200,112,122.70. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 27.17% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

A number of institutional investors have recently added to or reduced their stakes in the business. Hollencrest Capital Management boosted its position in shares of Archer Aviation by 50.0% during the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after purchasing an additional 3,000 shares in the last quarter. CWM LLC boosted its holdings in Archer Aviation by 62.0% in the second quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after acquiring an additional 3,559 shares in the last quarter. Csenge Advisory Group bought a new stake in shares of Archer Aviation during the second quarter valued at approximately $39,000. Tidal Investments LLC acquired a new stake in Archer Aviation in the 1st quarter valued at $49,000. Finally, Choreo LLC bought a new stake in Archer Aviation during the 2nd quarter worth approximately $49,000. 59.34% of the stock is owned by institutional investors.

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.