Archer Aviation (NYSE:ACHR) Trading Up 1.4%

Shares of Archer Aviation Inc. (NYSE:ACHR) shot up 1.4% on Thursday . The stock traded as high as $3.65 and last traded at $3.59. 2,384,815 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 6,381,981 shares. The stock had previously closed at $3.54.

Analyst Upgrades and Downgrades

ACHR has been the topic of several research analyst reports. Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a research note on Monday, July 22nd. Barclays lowered 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 research note on Friday, May 17th. JPMorgan Chase & Co. upped their target price on Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Finally, Benchmark reaffirmed a “buy” rating and set a $12.00 price target 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 given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $8.30.

Archer Aviation Price Performance

The company has a debt-to-equity ratio of 0.08, a quick ratio of 6.01 and a current ratio of 6.01. The company has a market cap of $1.21 billion, a price-to-earnings ratio of -2.20 and a beta of 2.35. The company’s 50 day moving average price is $3.97 and its 200-day moving average price is $4.21.

Insider Activity

In related news, major shareholder N.V. Stellantis purchased 2,982,089 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The shares were purchased at an average price of $3.35 per share, with a total value of $9,989,998.15. Following the purchase, the insider now owns 59,734,962 shares of the company’s stock, valued at approximately $200,112,122.70. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 27.17% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Alpine Global Management LLC purchased a new stake in shares of Archer Aviation in the first quarter valued at $5,782,000. Vestmark Advisory Solutions Inc. acquired a new position in Archer Aviation during the fourth quarter valued at $3,825,000. Intellectus Partners LLC lifted its stake in Archer Aviation by 136.1% in the 2nd quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock worth $3,187,000 after acquiring an additional 523,024 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Archer Aviation by 23.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after acquiring an additional 254,460 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Archer Aviation by 19.7% during 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 in the last quarter. 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.