Archer Aviation (NYSE:ACHR) Stock Price Up 2%

Archer Aviation Inc. (NYSE:ACHR)’s stock price rose 2% during trading on Friday . The company traded as high as $3.12 and last traded at $3.11. Approximately 2,402,410 shares traded hands during trading, a decline of 65% from the average daily volume of 6,911,033 shares. The stock had previously closed at $3.05.

Wall Street Analysts Forecast Growth

ACHR has been the topic of a number of research analyst reports. HC Wainwright began coverage on shares of Archer Aviation in a report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective on the stock. 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. JPMorgan Chase & Co. raised their target price 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. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a research note on Monday. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $9.00.

Archer Aviation Stock Up 0.7 %

The firm has a market capitalization of $993.32 million, a price-to-earnings ratio of -1.91 and a beta of 2.32. The business’s 50-day moving average is $3.87 and its two-hundred day moving average is $3.93. The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.49 and a current ratio of 4.49.

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. On average, equities analysts anticipate that Archer Aviation Inc. will post -1.33 earnings per share for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Archer Aviation

Several hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. grew its stake in shares of Archer Aviation by 50.0% in the fourth quarter. Victory Capital Management Inc. now owns 24,748 shares of the company’s stock valued at $152,000 after buying an additional 8,246 shares in the last quarter. Swiss National Bank grew its stake in shares of Archer Aviation by 29.5% in the fourth quarter. Swiss National Bank now owns 368,100 shares of the company’s stock valued at $2,260,000 after buying an additional 83,800 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Archer Aviation by 19.7% in the fourth 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 in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Archer Aviation in the fourth quarter valued at $230,000. Finally, Aigen Investment Management LP bought a new position in shares of Archer Aviation in the fourth quarter valued at $411,000. 59.34% of the stock is owned by 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.