Archer Aviation (NYSE:ACHR) Trading 2.3% Higher

Archer Aviation Inc. (NYSE:ACHR)’s share price rose 2.3% during trading on Thursday . The company traded as high as $3.18 and last traded at $3.13. Approximately 2,559,819 shares changed hands during trading, a decline of 63% from the average daily volume of 6,884,218 shares. The stock had previously closed at $3.06.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. increased their target price on Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a research report on Monday, September 16th. HC Wainwright initiated coverage on shares of Archer Aviation in a research note on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective on the stock. Finally, Benchmark reaffirmed a “buy” rating and issued a $12.00 target price on shares of Archer Aviation in a research note on Friday, August 9th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Archer Aviation currently has an average rating of “Moderate Buy” and a consensus target price of $9.00.

Archer Aviation Price Performance

The company has a current ratio of 4.49, a quick ratio of 4.49 and a debt-to-equity ratio of 0.13. The company has a fifty day moving average price of $3.83 and a two-hundred day moving average price of $3.92. The firm has a market cap of $993.32 million, a P/E ratio of -1.88 and a beta of 2.32.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.07. Equities analysts anticipate 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 purchased 2,982,089 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were purchased at an average price of $3.35 per share, with a total value of $9,989,998.15. Following the purchase, 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 document filed with the SEC, which is available at this link. Company insiders own 27.17% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

A number of hedge funds and other institutional investors have recently bought and sold shares of ACHR. Alpine Global Management LLC bought a new position in shares of Archer Aviation during the 1st quarter worth approximately $5,782,000. Intellectus Partners LLC grew its position in Archer Aviation by 136.1% in the second quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock valued at $3,187,000 after purchasing an additional 523,024 shares in the last quarter. Bank of New York Mellon Corp grew its position in 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 valued at $4,651,000 after purchasing an additional 254,460 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Archer Aviation by 19.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,386,406 shares of the company’s stock valued at $8,513,000 after buying an additional 228,487 shares during the last quarter. Finally, Raymond James & Associates lifted its position in Archer Aviation by 44.4% during the 2nd quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock worth $2,201,000 after buying an additional 192,120 shares in the last quarter. 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.