Archer Aviation (NYSE:ACHR) Trading 2.2% Higher – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) shares traded up 2.2% during mid-day trading on Monday . The company traded as high as $4.25 and last traded at $4.20. 4,892,951 shares were traded during mid-day trading, a decline of 42% from the average session volume of 8,506,049 shares. The stock had previously closed at $4.11.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a report on Monday, October 7th. Benchmark reiterated a “buy” rating and set a $12.00 price objective on shares of Archer Aviation in a report on Friday, August 9th. HC Wainwright began coverage on Archer Aviation in a report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective for the company. Needham & Company LLC began coverage on Archer Aviation in a report on Tuesday. They set a “buy” rating and a $11.00 price objective for the company. Finally, JPMorgan Chase & Co. increased their price objective on Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Archer Aviation currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.33.

Archer Aviation Price Performance

The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $2.18 billion, a price-to-earnings ratio of -3.88 and a beta of 2.29. The company’s 50-day simple moving average is $3.34 and its 200 day simple moving average is $3.62.

Archer Aviation (NYSE:ACHR) last released its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share 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. Equities research analysts forecast that Archer Aviation Inc. will post -1.2 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its stake in Archer Aviation by 5.6% during the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after purchasing an additional 268,896 shares during the period. HBK Investments L P bought a new position in Archer Aviation during the third quarter worth about $6,818,000. Charles Schwab Investment Management Inc. lifted its stake in Archer Aviation by 5.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock worth $5,547,000 after purchasing an additional 94,430 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Archer Aviation by 23.9% in the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock valued at $4,651,000 after acquiring an additional 254,460 shares during the last quarter. Finally, Alpine Global Management LLC bought a new position in shares of Archer Aviation in the first quarter valued at approximately $5,782,000. 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.