Archer Aviation (NYSE:ACHR) Trading Up 3.1%

Shares of Archer Aviation Inc. (NYSE:ACHR) were up 3.1% during trading on Wednesday . The stock traded as high as $4.14 and last traded at $4.04. Approximately 1,850,003 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 6,235,478 shares. The stock had previously closed at $3.92.

Analyst Ratings Changes

Several research analysts have commented on the company. Benchmark reaffirmed a “buy” rating and set a $12.00 target price on shares of Archer Aviation in a research report on Tuesday, May 21st. Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a research report on Monday, July 22nd. Barclays lowered their price target on 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. Finally, JPMorgan Chase & Co. increased their price objective on Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $8.30.

Archer Aviation Price Performance

The company has a debt-to-equity ratio of 0.08, a current ratio of 6.01 and a quick ratio of 6.01. The stock has a fifty day simple moving average of $3.92 and a 200-day simple moving average of $4.27. The company has a market capitalization of $1.26 billion, a price-to-earnings ratio of -2.48 and a beta of 2.35.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.08). During the same period in the prior year, the business posted ($0.46) EPS. On average, equities research analysts anticipate that Archer Aviation Inc. will post -1.33 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Axxcess Wealth Management LLC boosted its stake in Archer Aviation by 48.0% during the first quarter. Axxcess Wealth Management LLC now owns 29,961 shares of the company’s stock worth $138,000 after buying an additional 9,713 shares during the last quarter. Vanguard Group Inc. increased its position in Archer Aviation by 20.1% during the third quarter. Vanguard Group Inc. now owns 8,324,725 shares of the company’s stock worth $42,123,000 after purchasing an additional 1,394,872 shares during the last quarter. Spire Wealth Management boosted its holdings in Archer Aviation by 33.4% in the 4th quarter. Spire Wealth Management now owns 44,943 shares of the company’s stock valued at $276,000 after purchasing an additional 11,248 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Archer Aviation by 50.0% in the 4th quarter. Victory Capital Management Inc. now owns 24,748 shares of the company’s stock valued at $152,000 after purchasing an additional 8,246 shares during the last quarter. Finally, Kingsview Wealth Management LLC increased its holdings in shares of Archer Aviation by 8.3% during the 1st quarter. Kingsview Wealth Management LLC now owns 113,509 shares of the company’s stock worth $524,000 after buying an additional 8,717 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.