Archer Aviation (NYSE:ACHR) Shares Up 6.1% - Here's Why

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price traded up 6.1% during trading on Monday . The stock traded as high as $3.30 and last traded at $3.29. 4,954,140 shares were traded during mid-day trading, a decline of 34% from the average session volume of 7,534,321 shares. The stock had previously closed at $3.10.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ACHR shares. Cantor Fitzgerald reiterated an "overweight" rating and set a $10.00 price objective on shares of Archer Aviation in a research note on Monday, October 7th. Benchmark reiterated a "buy" rating and set a $12.00 price target on shares of Archer Aviation in a research report on Friday, August 9th. JPMorgan Chase & Co. upped 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. 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 target price for the company. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $9.00.

Archer Aviation Price Performance

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 stock has a market capitalization of $1.10 billion, a PE ratio of -2.09 and a beta of 2.31. The stock's 50 day moving average is $3.23 and its two-hundred day moving average is $3.63.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its 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. On average, equities analysts anticipate that Archer Aviation Inc. will post -1.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other Archer Aviation news, major shareholder N.V. Stellantis acquired 2,982,089 shares of the business's stock in a transaction on Thursday, August 8th. The stock was bought at an average price of $3.35 per share, for a total transaction of $9,989,998.15. Following the acquisition, the insider now owns 59,734,962 shares in the company, valued at approximately $200,112,122.70. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 27.17% of the stock is currently owned by corporate insiders.

Institutional Trading of Archer Aviation

Several large investors have recently added to or reduced their stakes in ACHR. Hollencrest Capital Management raised its holdings in shares of Archer Aviation by 50.0% during the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company's stock worth $32,000 after acquiring an additional 3,000 shares during the period. CWM LLC raised its stake in Archer Aviation by 62.0% during the second quarter. CWM LLC now owns 9,300 shares of the company's stock worth $33,000 after purchasing an additional 3,559 shares during the period. Code Waechter LLC acquired a new position in Archer Aviation in the 3rd quarter valued at about $30,000. Azzad Asset Management Inc. ADV purchased a new stake in shares of Archer Aviation in the 3rd quarter valued at approximately $31,000. Finally, Tidal Investments LLC acquired a new stake in shares of Archer Aviation during the 1st quarter worth approximately $49,000. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.