Archer Aviation (NYSE:ACHR) Sees Unusually-High Trading Volume – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) saw unusually-strong trading volume on Wednesday . Approximately 7,996,493 shares traded hands during mid-day trading, a decline of 4% from the previous session’s volume of 8,337,680 shares.The stock last traded at $4.53 and had previously closed at $4.66.

Analyst Upgrades and Downgrades

ACHR has been the topic of a number of research reports. Benchmark reiterated a “buy” rating and issued a $12.00 price objective on shares of Archer Aviation in a report on Friday, August 9th. JPMorgan Chase & Co. increased their price objective on shares of Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a report on Monday, October 7th. Finally, HC Wainwright initiated coverage on Archer Aviation in a report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price objective 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, the company currently has an average rating of “Moderate Buy” and a consensus target price of $9.00.

Archer Aviation Trading Down 5.6 %

The business has a 50 day simple moving average of $3.22 and a 200-day simple moving average of $3.61. The company has a current ratio of 6.03, a quick ratio of 4.49 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of -3.22 and a beta of 2.29.

Archer Aviation (NYSE:ACHR) last issued 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 in the previous year, the business earned ($0.19) EPS. On average, equities analysts predict that Archer Aviation Inc. will post -1.2 earnings per share for the current year.

Hedge Funds Weigh In On Archer Aviation

A number of large investors have recently modified their holdings of the company. Axxcess Wealth Management LLC raised its holdings in Archer Aviation by 48.0% in the first quarter. Axxcess Wealth Management LLC now owns 29,961 shares of the company’s stock valued at $138,000 after buying an additional 9,713 shares during the period. Kingsview Wealth Management LLC lifted its holdings in Archer Aviation by 8.3% during the 1st quarter. Kingsview Wealth Management LLC now owns 113,509 shares of the company’s stock worth $524,000 after buying an additional 8,717 shares during the last quarter. CreativeOne Wealth LLC bought a new position in shares of Archer Aviation in the first quarter worth $117,000. Cetera Advisors LLC acquired a new position in shares of Archer Aviation during the 1st quarter valued at $80,000. Finally, Blair William & Co. IL acquired a new position in Archer Aviation during the first quarter worth about $266,000. 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.