Archer Aviation (NYSE:ACHR) Trading Up 3.2%

Archer Aviation Inc. (NYSE:ACHR)’s share price traded up 3.2% during mid-day trading on Tuesday . The stock traded as high as $3.22 and last traded at $3.21. 2,206,437 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 6,829,312 shares. The stock had previously closed at $3.11.

Analysts Set New Price Targets

Several research analysts have weighed in on ACHR shares. HC Wainwright assumed coverage on Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price target on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price objective on shares of Archer Aviation in a research note on Monday. 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, Benchmark reissued a “buy” rating and set a $12.00 target price on shares of Archer Aviation in a report on Friday, August 9th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $9.00.

Archer Aviation Price Performance

The business’s fifty day moving average price is $3.95 and its 200 day moving average price is $3.96. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.49 and a quick ratio of 4.49. The stock has a market cap of $1.02 billion, a P/E ratio of -1.92 and a beta of 2.32.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.31) EPS for the quarter, beating the consensus estimate of ($0.38) by $0.07. Sell-side analysts forecast that Archer Aviation Inc. will post -1.33 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder N.V. Stellantis bought 2,982,089 shares of Archer Aviation stock in a transaction dated Thursday, August 8th. The stock was bought at an average cost of $3.35 per share, for a total transaction of $9,989,998.15. Following the purchase, the insider now directly owns 59,734,962 shares in the company, valued at approximately $200,112,122.70. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 27.17% of the company’s stock.

Institutional Trading of Archer Aviation

Institutional investors and hedge funds have recently modified their holdings of the business. Algert Global LLC purchased a new position in shares of Archer Aviation in the second quarter worth about $76,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Archer Aviation during the second quarter worth $62,000. The Manufacturers Life Insurance Company grew its position in shares of Archer Aviation by 42.6% in the second quarter. The Manufacturers Life Insurance Company now owns 120,870 shares of the company’s stock valued at $425,000 after purchasing an additional 36,130 shares in the last quarter. Xponance Inc. purchased a new stake in Archer Aviation during the 2nd quarter worth about $51,000. Finally, DRW Securities LLC purchased a new stake in Archer Aviation during the 2nd quarter worth about $68,000. 59.34% of the stock is owned by hedge funds and other 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.