Archer Aviation (NYSE:ACHR) Trading 2.7% Higher – Here’s Why

Shares of Archer Aviation Inc. (NYSE:ACHR) were up 2.7% during trading on Friday . The stock traded as high as $3.05 and last traded at $3.02. Approximately 2,128,678 shares traded hands during trading, a decline of 71% from the average daily volume of 7,311,799 shares. The stock had previously closed at $2.94.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a research note on Monday, October 7th. HC Wainwright began coverage on shares of Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 target price for the company. Benchmark reaffirmed a “buy” rating and issued a $12.00 price target on shares of Archer Aviation in a research report on Friday, August 9th. Finally, JPMorgan Chase & Co. boosted their price objective on Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Archer Aviation has a consensus rating of “Moderate Buy” and a consensus price target of $9.00.

Archer Aviation Stock Up 4.8 %

The firm’s 50-day simple moving average is $3.36 and its 200-day simple moving average is $3.73. 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 company has a market capitalization of $1.10 billion, a price-to-earnings ratio of -2.52 and a beta of 2.31.

Archer Aviation (NYSE:ACHR) last released its earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.07. Sell-side analysts forecast that Archer Aviation Inc. will post -1.2 earnings per share for the current year.

Insider Transactions at Archer Aviation

In other Archer Aviation news, major shareholder N.V. Stellantis purchased 2,982,089 shares of the stock in a transaction 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 acquisition, the insider now directly owns 59,734,962 shares of the company’s stock, valued at $200,112,122.70. This represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 12.80% of the stock is owned by insiders.

Institutional Trading of Archer Aviation

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Axxcess Wealth Management LLC boosted its holdings in Archer Aviation by 48.0% during the first quarter. Axxcess Wealth Management LLC now owns 29,961 shares of the company’s stock valued at $138,000 after purchasing an additional 9,713 shares in the last quarter. Kingsview Wealth Management LLC grew its position in Archer Aviation by 8.3% in the first quarter. Kingsview Wealth Management LLC now owns 113,509 shares of the company’s stock valued at $524,000 after acquiring an additional 8,717 shares during the period. CreativeOne Wealth LLC bought a new stake in Archer Aviation in the first quarter valued at $117,000. Quadrature Capital Ltd bought a new position in shares of Archer Aviation during the fourth quarter valued at $578,000. Finally, Cetera Advisors LLC acquired a new stake in shares of Archer Aviation in the 1st quarter valued at $80,000. Institutional investors own 59.34% of the company’s stock.

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.