Archer Aviation (NYSE:ACHR) Stock Price Up 2.3% – Time to Buy?

Shares of Archer Aviation Inc. (NYSE:ACHR) rose 2.3% during mid-day trading on Wednesday . The stock traded as high as $3.21 and last traded at $3.18. Approximately 2,232,951 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 7,333,297 shares. The stock had previously closed at $3.11.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. HC Wainwright began coverage on Archer Aviation in a research note on Tuesday, September 3rd. They issued 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 note on Friday, August 9th. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a report on Monday, October 7th. Finally, JPMorgan Chase & Co. upped 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 analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $9.00.

Archer Aviation Trading Up 2.3 %

The business’s 50-day moving average is $3.35 and its two-hundred day moving average is $3.71. 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 firm has a market cap of $1.03 billion, a P/E ratio of -1.95 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 (EPS) for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.07. As a group, analysts predict that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder N.V. Stellantis purchased 2,982,089 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was purchased at an average price of $3.35 per share, for a total transaction of $9,989,998.15. Following the completion of the purchase, the insider now directly owns 59,734,962 shares in the company, valued at $200,112,122.70. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 27.17% of the stock is currently owned by insiders.

Institutional Trading of Archer Aviation

Several institutional investors and hedge funds have recently bought and sold shares of the business. Quadrature Capital Ltd acquired a new position in shares of Archer Aviation in the fourth quarter valued at $578,000. HighPoint Advisor Group LLC bought a new position in Archer Aviation in the 4th quarter valued at about $75,000. Hennion & Walsh Asset Management Inc. lifted its position in Archer Aviation by 196.6% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 32,681 shares of the company’s stock worth $151,000 after acquiring an additional 21,662 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of Archer Aviation by 266.5% during the first quarter. Janney Montgomery Scott LLC now owns 41,360 shares of the company’s stock worth $191,000 after acquiring an additional 30,075 shares during the period. Finally, Swiss National Bank grew its position 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 during the last quarter. 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.