Archer Aviation (NYSE:ACHR) Shares Up 2.7%

Shares of Archer Aviation Inc. (NYSE:ACHR) traded up 2.7% on Friday . The company traded as high as $3.87 and last traded at $3.83. 3,664,093 shares changed hands during trading, a decline of 43% from the average session volume of 6,413,427 shares. The stock had previously closed at $3.73.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. raised their price target on Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Barclays cut their price objective on shares of Archer Aviation from $6.50 to $4.50 and set an “equal weight” rating on the stock in a report on Friday, May 17th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a report on Monday, July 22nd. 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 equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $8.30.

Archer Aviation Stock Performance

The stock’s 50 day moving average is $3.98 and its two-hundred day moving average is $4.21. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of -2.28 and a beta of 2.35. The company has a current ratio of 6.01, a quick ratio of 6.01 and a debt-to-equity ratio of 0.08.

Insider Activity

In other news, major shareholder N.V. Stellantis purchased 2,982,089 shares of Archer Aviation stock in a transaction 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 transaction, the insider now directly owns 59,734,962 shares in the company, valued at approximately $200,112,122.70. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 27.17% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Hollencrest Capital Management raised its position in Archer Aviation by 50.0% during the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after acquiring an additional 3,000 shares in the last quarter. Hsbc Holdings PLC lifted its stake in Archer Aviation by 14.8% in the 2nd quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock valued at $89,000 after purchasing an additional 3,341 shares during the last quarter. CWM LLC grew its holdings in Archer Aviation by 62.0% during the second quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after purchasing an additional 3,559 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Archer Aviation by 8.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 69,387 shares of the company’s stock worth $321,000 after purchasing an additional 5,611 shares during the period. Finally, Arizona State Retirement System raised its stake in Archer Aviation by 13.7% in the second quarter. Arizona State Retirement System now owns 59,593 shares of the company’s stock valued at $210,000 after buying an additional 7,184 shares during the period. 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.