Archer Aviation (NYSE:ACHR) Trading Up 16.2% – Here’s What Happened

Shares of Archer Aviation Inc. (NYSE:ACHR) shot up 16.2% during mid-day trading on Monday . The stock traded as high as $4.55 and last traded at $4.52. 19,224,676 shares were traded during mid-day trading, an increase of 138% from the average session volume of 8,068,210 shares. The stock had previously closed at $3.89.

Analyst Upgrades and Downgrades

ACHR has been the subject of a number of recent research reports. 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 research report on Wednesday, July 24th. Benchmark reaffirmed a “buy” rating and set a $12.00 price target on shares of Archer Aviation in a report on Friday, August 9th. 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 price objective on the stock. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a research note on Monday, October 7th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $9.00.

Archer Aviation Trading Up 12.9 %

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 cap of $1.56 billion, a price-to-earnings ratio of -3.42 and a beta of 2.29. The business has a fifty day simple moving average of $3.17 and a 200 day simple moving average of $3.60.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.07. On average, equities analysts anticipate that Archer Aviation Inc. will post -1.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Archer Aviation

Institutional investors have recently modified their holdings of the company. Miller Wealth Advisors LLC acquired a new position in Archer Aviation during the third quarter worth about $26,000. Code Waechter LLC purchased a new stake in Archer Aviation in the 3rd quarter valued at approximately $30,000. Azzad Asset Management Inc. ADV acquired a new stake in Archer Aviation during the 3rd quarter valued at $31,000. Hollencrest Capital Management increased its position in Archer Aviation by 50.0% during the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after buying an additional 3,000 shares in the last quarter. Finally, CWM LLC raised its holdings in shares of Archer Aviation by 62.0% in 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 during the last quarter. Hedge funds and other institutional investors own 59.34% of the company’s stock.

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.