Archer Aviation (NYSE:ACHR) Trading Up 10.3% – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR)’s stock price traded up 10.3% during mid-day trading on Thursday . The company traded as high as $3.62 and last traded at $3.54. 12,943,614 shares changed hands during trading, an increase of 66% from the average session volume of 7,781,078 shares. The stock had previously closed at $3.21.

Analyst Ratings Changes

A number of research firms have recently weighed in on ACHR. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a research note on Monday, October 7th. HC Wainwright began coverage on Archer Aviation in a report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price target for the company. Benchmark restated a “buy” rating and issued a $12.00 price objective on shares of Archer Aviation in a report on Friday, August 9th. Finally, JPMorgan Chase & Co. upped 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 equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to 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 firm has a fifty day simple moving average of $3.17 and a 200 day simple moving average of $3.60. 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 $1.38 billion, a price-to-earnings ratio of -3.18 and a beta of 2.29.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.38) by $0.07. On average, sell-side analysts expect that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Archer Aviation

Several hedge funds have recently modified their holdings of ACHR. Axxcess Wealth Management LLC grew its position in Archer Aviation by 48.0% in the 1st quarter. Axxcess Wealth Management LLC now owns 29,961 shares of the company’s stock worth $138,000 after purchasing an additional 9,713 shares during the last quarter. Kingsview Wealth Management LLC grew its position in Archer Aviation by 8.3% during the first quarter. Kingsview Wealth Management LLC now owns 113,509 shares of the company’s stock worth $524,000 after buying an additional 8,717 shares in the last quarter. CreativeOne Wealth LLC bought a new position in Archer Aviation during the first quarter valued at about $117,000. Cetera Advisors LLC acquired a new position in Archer Aviation in the 1st quarter valued at approximately $80,000. Finally, Blair William & Co. IL bought a new stake in shares of Archer Aviation in the 1st quarter worth approximately $266,000. 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.