Archer Aviation (NYSE:ACHR) Trading Up 3%

Archer Aviation Inc. (NYSE:ACHR)’s stock price shot up 3% during trading on Friday . The stock traded as high as $3.43 and last traded at $3.40. 2,383,784 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 6,768,959 shares. The stock had previously closed at $3.30.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ACHR. JPMorgan Chase & Co. lifted their price objective on Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. 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 on the stock. Benchmark reissued a “buy” rating and issued a $12.00 price objective on shares of Archer Aviation in a report on Friday, August 9th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a research note on Monday, September 9th. 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 MarketBeat, Archer Aviation presently has an average rating of “Moderate Buy” and an average target price of $9.00.

Archer Aviation Trading Up 0.3 %

The firm has a market cap of $1.18 billion, a price-to-earnings ratio of -2.03 and a beta of 2.32. The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.49 and a current ratio of 4.49. The company has a 50 day moving average price of $3.98 and a 200 day moving average price of $3.98.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Thursday, August 8th. The company reported ($0.31) EPS for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.07. On average, research analysts expect that Archer Aviation Inc. will post -1.33 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder N.V. Stellantis bought 2,982,089 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were bought at an average price of $3.35 per share, with a total value of $9,989,998.15. Following the completion of the transaction, the insider now directly owns 59,734,962 shares in the company, valued at $200,112,122.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 27.17% of the stock is currently owned by corporate insiders.

Institutional Trading of Archer Aviation

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Alpine Global Management LLC purchased a new position in shares of Archer Aviation in the first quarter valued at approximately $5,782,000. Intellectus Partners LLC boosted its position in Archer Aviation by 136.1% in the 2nd quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock valued at $3,187,000 after buying an additional 523,024 shares during the period. Bank of New York Mellon Corp grew its stake 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 in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Archer Aviation by 19.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,386,406 shares of the company’s stock worth $8,513,000 after acquiring an additional 228,487 shares during the period. Finally, Raymond James & Associates increased its position in shares of Archer Aviation by 44.4% during the second quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock worth $2,201,000 after acquiring an additional 192,120 shares during the period. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.