Archer Aviation (NYSE:ACHR) Shares Up 1.8% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s share price traded up 1.8% during trading on Tuesday . The company traded as high as $4.73 and last traded at $4.59. 13,162,155 shares traded hands during mid-day trading, an increase of 60% from the average session volume of 8,227,790 shares. The stock had previously closed at $4.51.

Wall Street Analyst Weigh In

ACHR has been the subject of several recent research reports. Benchmark reissued a “buy” rating and set a $12.00 price target on shares of Archer Aviation in a report on Friday, August 9th. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a report on Monday, October 7th. JPMorgan Chase & Co. lifted their price target 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. Finally, HC Wainwright initiated coverage on Archer Aviation in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price objective for the company. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Archer Aviation presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.00.

Archer Aviation Price Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.49 and a current ratio of 4.49. The stock’s 50 day moving average is $3.19 and its two-hundred day moving average is $3.60. The stock has a market capitalization of $1.66 billion, a PE ratio of -3.48 and a beta of 2.29.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period last year, the business earned ($0.19) earnings per share. On average, equities analysts anticipate that Archer Aviation Inc. will post -1.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC raised its holdings in shares of Archer Aviation by 266.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 41,360 shares of the company’s stock valued at $191,000 after buying an additional 30,075 shares during the period. Swiss National Bank grew its holdings in shares of Archer Aviation by 2.3% in the first quarter. Swiss National Bank now owns 376,600 shares of the company’s stock valued at $1,740,000 after purchasing an additional 8,500 shares in the last quarter. Interchange Capital Partners LLC grew its holdings in shares of Archer Aviation by 48.7% in the first quarter. Interchange Capital Partners LLC now owns 25,538 shares of the company’s stock valued at $120,000 after purchasing an additional 8,361 shares in the last quarter. Kingsview Wealth Management LLC lifted its holdings in 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 in the last quarter. Finally, Blair William & Co. IL purchased a new position in Archer Aviation in the 1st quarter valued at approximately $266,000. 59.34% of the stock is currently 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.