Archer Aviation (NYSE:ACHR) Trading Up 3.8% – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR)’s stock price was up 3.8% during mid-day trading on Friday . The company traded as high as $3.28 and last traded at $3.27. Approximately 2,059,603 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 7,677,470 shares. The stock had previously closed at $3.15.

Analyst Ratings Changes

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

Archer Aviation Stock Performance

The company has a quick ratio of 4.49, a current ratio of 4.49 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $1.17 billion, a PE ratio of -2.69 and a beta of 2.31. The company has a 50-day moving average price of $3.20 and a two-hundred day moving average price of $3.62.

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

Insider Buying and Selling

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 cost 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 in the company, valued at approximately $200,112,122.70. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 12.80% of the stock is currently owned by insiders.

Institutional Trading of Archer Aviation

Several institutional investors and hedge funds have recently modified their holdings of ACHR. Bank of New York Mellon Corp grew its holdings in shares of Archer Aviation by 23.9% during 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 purchasing an additional 254,460 shares in the last quarter. Alpine Global Management LLC purchased a new stake in Archer Aviation in the first quarter valued at approximately $5,782,000. Intellectus Partners LLC lifted its position in Archer Aviation by 136.1% during the second quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock valued at $3,187,000 after purchasing an additional 523,024 shares during the last quarter. Raymond James & Associates grew its stake in Archer Aviation by 44.4% in the 2nd quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock worth $2,201,000 after buying an additional 192,120 shares in the last quarter. Finally, Swiss National Bank increased its holdings in shares of Archer Aviation by 2.3% in the 1st quarter. Swiss National Bank now owns 376,600 shares of the company’s stock worth $1,740,000 after buying an additional 8,500 shares during the last quarter. Hedge funds and other 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.