Archer Aviation (NYSE:ACHR) Trading 4.4% Higher

Shares of Archer Aviation Inc. (NYSE:ACHR) were up 4.4% on Thursday . The stock traded as high as $4.05 and last traded at $4.01. Approximately 1,171,949 shares traded hands during trading, a decline of 81% from the average daily volume of 6,232,427 shares. The stock had previously closed at $3.84.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on ACHR shares. Benchmark reiterated a “buy” rating and set a $12.00 target price on shares of Archer Aviation in a research report on Friday. JPMorgan Chase & Co. increased their price objective on shares of Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a research report on Monday, July 22nd. Finally, Barclays reduced their price target on shares of Archer Aviation from $6.50 to $4.50 and set an “equal weight” rating for the company in a research report on Friday, May 17th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $8.30.

Archer Aviation Stock Performance

The company has a market cap of $1.18 billion, a price-to-earnings ratio of -2.23 and a beta of 2.35. The firm’s 50 day simple moving average is $3.96 and its 200-day simple moving average is $4.25. The company has a debt-to-equity ratio of 0.08, a quick ratio of 6.01 and a current ratio of 6.01.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.08). During the same period in the previous year, the firm earned ($0.46) EPS. On average, sell-side analysts predict that Archer Aviation Inc. will post -1.33 EPS for the current year.

Insider Transactions at Archer Aviation

In other news, major shareholder N.V. Stellantis acquired 2,982,089 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was purchased at an average price 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 approximately $200,112,122.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 27.17% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its stake in shares of 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 acquiring an additional 228,487 shares during the period. Bank of New York Mellon Corp raised 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 during the period. Alpine Global Management LLC acquired a new position in Archer Aviation during the first quarter worth $5,782,000. Intellectus Partners LLC boosted its position in shares of Archer Aviation by 136.1% during the second quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock worth $3,187,000 after buying an additional 523,024 shares during the period. Finally, Raymond James & Associates grew its stake in shares of Archer Aviation by 44.4% in the second quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock valued at $2,201,000 after buying an additional 192,120 shares in the last quarter. Hedge funds and other institutional investors own 59.34% of the company’s stock.

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.