Archer Aviation (NYSE:ACHR) Shares Up 2.2% - Here's What Happened

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shares rose 2.2% during trading on Monday . The company traded as high as $4.25 and last traded at $4.20. Approximately 4,892,951 shares traded hands during mid-day trading, a decline of 42% from the average daily volume of 8,506,049 shares. The stock had previously closed at $4.11.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. JPMorgan Chase & Co. boosted their price target on Archer Aviation from $5.00 to $6.00 and gave the stock an "overweight" rating in a report on Wednesday, July 24th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $10.00 target price on shares of Archer Aviation in a research note on Monday, October 7th. Benchmark restated a "buy" rating and issued a $12.00 price target on shares of Archer Aviation in a report on Friday, August 9th. Finally, HC Wainwright started coverage on shares of Archer Aviation in a report on Tuesday, September 3rd. They set a "buy" rating and a $12.50 price objective for the company. 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 MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $9.00.

Archer Aviation Price Performance

The firm has a market capitalization of $1.88 billion, a P/E ratio of -3.37 and a beta of 2.29. The stock's fifty day simple moving average is $3.28 and its 200 day simple moving average is $3.61. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 4.49.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the prior year, the firm earned ($0.19) EPS. On average, equities research analysts predict that Archer Aviation Inc. will post -1.2 EPS for the current year.

Institutional Investors Weigh In On Archer Aviation

Several hedge funds have recently added to or reduced their stakes in the business. Axxcess Wealth Management LLC grew its position in shares of Archer Aviation by 48.0% during the 1st quarter. Axxcess Wealth Management LLC now owns 29,961 shares of the company's stock valued at $138,000 after acquiring an additional 9,713 shares during the period. Kingsview Wealth Management LLC grew its position in Archer Aviation by 8.3% in the first quarter. Kingsview Wealth Management LLC now owns 113,509 shares of the company's stock worth $524,000 after acquiring an additional 8,717 shares during the period. CreativeOne Wealth LLC purchased a new stake in Archer Aviation in the 1st quarter valued at about $117,000. Cetera Advisors LLC purchased a new position in shares of Archer Aviation during the 1st quarter worth approximately $80,000. Finally, Blair William & Co. IL acquired a new stake in shares of Archer Aviation in the first quarter valued at $266,000. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.

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