Archer Aviation (NYSE:ACHR) Trading Up 13.1% – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR)’s stock price was up 13.1% during trading on Friday . The company traded as high as $4.10 and last traded at $3.96. Approximately 20,740,114 shares changed hands during mid-day trading, an increase of 162% from the average daily volume of 7,907,540 shares. The stock had previously closed at $3.50.

Wall Street Analyst Weigh In

ACHR has been the subject of several recent analyst reports. Benchmark reaffirmed a “buy” rating and set a $12.00 price objective on shares of Archer Aviation in a report on Friday, August 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a report on Monday, October 7th. JPMorgan Chase & Co. lifted their price objective on Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Finally, HC Wainwright began coverage on Archer Aviation in a report on Tuesday, September 3rd. They set 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 issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $9.00.

Archer Aviation Trading Up 12.0 %

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 business’s fifty day moving average is $3.16 and its two-hundred day moving average is $3.60. The firm has a market cap of $1.39 billion, a price-to-earnings ratio of -3.25 and a beta of 2.29.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.31) EPS for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.07. Equities analysts anticipate that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Trading of Archer Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hollencrest Capital Management grew its holdings in 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. Hsbc Holdings PLC boosted its position in shares of Archer Aviation by 14.8% in the 2nd quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock worth $89,000 after purchasing an additional 3,341 shares during the last quarter. CWM LLC grew its stake in shares of 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. DekaBank Deutsche Girozentrale increased its holdings in Archer Aviation by 13.5% in the third quarter. DekaBank Deutsche Girozentrale now owns 37,820 shares of the company’s stock valued at $115,000 after purchasing an additional 4,505 shares during the last quarter. Finally, PFG Investments LLC lifted its stake in Archer Aviation by 36.0% in the third quarter. PFG Investments LLC now owns 19,629 shares of the company’s stock valued at $59,000 after buying an additional 5,200 shares during the period. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.