Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shares rose 5.4% during mid-day trading on Tuesday . The company traded as high as $4.72 and last traded at $4.65. Approximately 9,769,524 shares were traded during trading, an increase of 14% from the average daily volume of 8,567,940 shares. The stock had previously closed at $4.41.
Wall Street Analyst Weigh In
ACHR has been the subject of a number of research reports. Benchmark reissued a "buy" rating and issued a $12.00 price target on shares of Archer Aviation in a research note on Friday, August 9th. 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 research note on Wednesday, July 24th. HC Wainwright began coverage on Archer Aviation in a research report on Tuesday, September 3rd. They set a "buy" rating and a $12.50 price target on the stock. Cantor Fitzgerald reiterated an "overweight" rating and issued a $10.00 price objective on shares of Archer Aviation in a report on Monday, October 7th. Finally, Needham & Company LLC initiated coverage on Archer Aviation in a report on Tuesday. They set a "buy" rating and a $11.00 price objective on the stock. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Archer Aviation has a consensus rating of "Moderate Buy" and a consensus price target of $9.33.
Get Our Latest Stock Report on ACHR
Archer Aviation Price Performance
The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a market cap of $2.16 billion, a P/E ratio of -3.52 and a beta of 2.29. The firm has a 50 day moving average price of $3.30 and a 200 day moving average price of $3.62.
Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period last year, the firm posted ($0.19) EPS. On average, analysts forecast that Archer Aviation Inc. will post -1.2 EPS for the current fiscal year.
Institutional Trading of Archer Aviation
A number of large investors have recently made changes to their positions in the stock. Geode Capital Management LLC grew its stake in Archer Aviation by 5.6% in the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company's stock worth $15,487,000 after purchasing an additional 268,896 shares in the last quarter. HBK Investments L P purchased a new stake in Archer Aviation in the third quarter worth about $6,818,000. Charles Schwab Investment Management Inc. grew its holdings in Archer Aviation by 5.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company's stock worth $5,547,000 after acquiring an additional 94,430 shares in the last quarter. Bank of New York Mellon Corp increased its position in Archer Aviation by 23.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company's stock valued at $4,651,000 after purchasing an additional 254,460 shares during the period. Finally, Alpine Global Management LLC bought a new stake in shares of Archer Aviation in the 1st quarter valued at about $5,782,000. 59.34% of the stock is owned by hedge funds and other institutional investors.
Archer Aviation Company Profile
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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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