Archer Aviation (NYSE:ACHR) Shares Gap Up - Still a Buy?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shares gapped up prior to trading on Monday . The stock had previously closed at $3.89, but opened at $4.28. Archer Aviation shares last traded at $4.29, with a volume of 12,256,770 shares changing hands.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. HC Wainwright assumed coverage on Archer Aviation in a report on Tuesday, September 3rd. They issued a "buy" rating and a $12.50 target price for 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 restated 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. increased 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 investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Archer Aviation presently has a consensus rating of "Moderate Buy" and an average price target 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 stock's 50 day moving average price is $3.19 and its two-hundred day moving average price is $3.60.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted 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 last year, the business earned ($0.19) EPS. On average, sell-side analysts predict that Archer Aviation Inc. will post -1.2 EPS for the current year.

Hedge Funds Weigh In On Archer Aviation

Several hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp boosted its holdings in 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 valued at $4,651,000 after acquiring an additional 254,460 shares during the period. Alpine Global Management LLC bought a new stake in Archer Aviation during the first quarter valued at about $5,782,000. Intellectus Partners LLC boosted its holdings in Archer Aviation by 1.3% during the third quarter. Intellectus Partners LLC now owns 919,020 shares of the company's stock valued at $2,790,000 after acquiring an additional 11,800 shares during the period. Raymond James & Associates boosted its holdings in Archer Aviation by 44.4% during the second quarter. Raymond James & Associates now owns 625,164 shares of the company's stock valued at $2,201,000 after acquiring an additional 192,120 shares during the period. Finally, Swiss National Bank boosted its holdings in Archer Aviation by 2.3% during the first quarter. Swiss National Bank now owns 376,600 shares of the company's stock valued at $1,740,000 after acquiring an additional 8,500 shares during the period. 59.34% of the stock is owned by institutional investors and hedge funds.

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.