Archer Aviation (NYSE:ACHR) Trading 5.4% Higher – Here’s Why

Shares of Archer Aviation Inc. (NYSE:ACHR) traded up 5.4% during mid-day trading on Tuesday . The stock traded as high as $4.72 and last traded at $4.65. 9,769,524 shares traded hands during trading, an increase of 14% from the average session volume of 8,567,940 shares. The stock had previously closed at $4.41.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on ACHR shares. Needham & Company LLC started coverage on shares of Archer Aviation in a research report on Tuesday. They issued a “buy” rating and a $11.00 target price for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 target price 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 price objective for the company. Benchmark reissued a “buy” rating and issued a $12.00 target price on shares of Archer Aviation in a report on Friday, August 9th. Finally, JPMorgan Chase & Co. upped their target price on Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $9.33.

Archer Aviation Trading Down 1.5 %

The business’s 50 day moving average is $3.37 and its two-hundred day moving average is $3.63. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last issued its quarterly 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 in the prior year, the business earned ($0.19) EPS. As a group, analysts predict that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Trading of Archer Aviation

Institutional investors have recently modified their holdings of the company. Geode Capital Management LLC lifted its holdings in Archer Aviation by 5.6% in the 3rd quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock valued at $15,487,000 after acquiring an additional 268,896 shares during the last quarter. HBK Investments L P acquired a new stake in Archer Aviation during the 3rd 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 valued at $5,547,000 after buying an additional 94,430 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings 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 worth $4,651,000 after buying an additional 254,460 shares during the period. Finally, Alpine Global Management LLC purchased a new position in shares of Archer Aviation in the first quarter worth approximately $5,782,000. Institutional investors and hedge funds 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.