Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shot up 8.2% on Friday . The stock traded as high as $3.18 and last traded at $3.16. 6,830,418 shares changed hands during mid-day trading, a decline of 3% from the average session volume of 7,036,685 shares. The stock had previously closed at $2.92.
Analyst Upgrades and Downgrades
A number of equities analysts recently commented on the company. Benchmark reaffirmed a "buy" rating and issued a $12.00 price objective on shares of Archer Aviation in a research note on Friday, August 9th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $10.00 price objective on shares of Archer Aviation in a research note on Monday. JPMorgan Chase & Co. increased their price objective on shares of Archer Aviation from $5.00 to $6.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 24th. Finally, HC Wainwright started coverage on shares of Archer Aviation in a report on Tuesday, September 3rd. They issued a "buy" rating and a $12.50 target price on the stock. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Archer Aviation has a consensus rating of "Moderate Buy" and a consensus target price of $9.00.
Read Our Latest Stock Analysis on ACHR
Archer Aviation Stock Up 5.0 %
The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.49 and a current ratio of 4.49. The firm's 50 day moving average price is $3.63 and its two-hundred day moving average price is $3.88. The company has a market cap of $1.09 billion, a P/E ratio of -1.88 and a beta of 2.32.
Archer Aviation (NYSE:ACHR - Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.38) by $0.07. Equities research analysts anticipate that Archer Aviation Inc. will post -1.33 EPS for the current fiscal year.
Insider Buying and Selling
In other news, major shareholder N.V. Stellantis acquired 2,982,089 shares of the company's stock in a transaction that occurred on Thursday, August 8th. The shares were acquired at an average price of $3.35 per share, for a total transaction of $9,989,998.15. Following the completion of the purchase, the insider now owns 59,734,962 shares in the company, valued at $200,112,122.70. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 27.17% of the stock is owned by insiders.
Institutional Investors Weigh In On Archer Aviation
Several large investors have recently added to or reduced their stakes in the company. Hollencrest Capital Management boosted its holdings in Archer Aviation by 50.0% in the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company's stock worth $32,000 after buying an additional 3,000 shares during the period. Hsbc Holdings PLC grew its position in shares of Archer Aviation by 14.8% in the second quarter. Hsbc Holdings PLC now owns 25,972 shares of the company's stock valued at $89,000 after purchasing an additional 3,341 shares in the last quarter. CWM LLC raised its stake in shares of Archer Aviation by 62.0% during the 2nd quarter. CWM LLC now owns 9,300 shares of the company's stock valued at $33,000 after purchasing an additional 3,559 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Archer Aviation by 8.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 69,387 shares of the company's stock valued at $321,000 after purchasing an additional 5,611 shares during the period. Finally, Arizona State Retirement System lifted its holdings in Archer Aviation by 13.7% during the 2nd quarter. Arizona State Retirement System now owns 59,593 shares of the company's stock worth $210,000 after purchasing an additional 7,184 shares in the last quarter. Hedge funds and other institutional investors own 59.34% of the company's stock.
About Archer Aviation
(
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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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