Archer Aviation (NYSE:ACHR) Trading Up 13.1% – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR)’s share price shot up 13.1% during trading on Friday . The stock traded as high as $4.10 and last traded at $3.96. 20,740,114 shares changed hands during trading, an increase of 162% from the average session volume of 7,907,540 shares. The stock had previously closed at $3.50.

Analysts Set New Price Targets

A number of brokerages have weighed in on ACHR. 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. 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. HC Wainwright started coverage on Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 target price for the company. Finally, 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 research report on Wednesday, July 24th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Archer Aviation currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.00.

Archer Aviation Stock Up 12.0 %

The firm’s 50-day simple moving average is $3.16 and its 200-day simple moving average is $3.60. 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 $1.39 billion, a price-to-earnings ratio of -3.25 and a beta of 2.29.

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.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Miller Wealth Advisors LLC bought a new position in Archer Aviation during the third quarter worth about $26,000. Code Waechter LLC bought a new position in shares of Archer Aviation during the 3rd quarter worth approximately $30,000. Azzad Asset Management Inc. ADV acquired a new stake in Archer Aviation in the 3rd quarter valued at $31,000. Hollencrest Capital Management grew its position in Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after acquiring an additional 3,000 shares during the period. Finally, CWM LLC raised its stake in Archer Aviation by 62.0% during the second quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after acquiring an additional 3,559 shares in the last quarter. 59.34% of the stock is owned by institutional investors.

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.