Archer Aviation (NYSE:ACHR) Stock Price Up 1.8% – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR) rose 1.8% during mid-day trading on Wednesday . The stock traded as high as $3.44 and last traded at $3.42. Approximately 4,561,233 shares traded hands during mid-day trading, a decline of 40% from the average daily volume of 7,619,871 shares. The stock had previously closed at $3.36.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ACHR. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a report on Monday, October 7th. JPMorgan Chase & Co. raised their target price on Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. HC Wainwright assumed coverage on shares of Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective for the company. Finally, Benchmark reaffirmed a “buy” rating and issued a $12.00 target price on shares of Archer Aviation in a research report on Friday, August 9th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.00.

Archer Aviation Stock Performance

The company’s 50-day moving average is $3.23 and its two-hundred day moving average is $3.63. The company has a current ratio of 4.49, a quick ratio of 4.49 and a debt-to-equity ratio of 0.13. The firm has a market cap of $1.19 billion, a P/E ratio of -2.80 and a beta of 2.31.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Thursday, August 8th. The company reported ($0.31) EPS for the quarter, topping the consensus estimate of ($0.38) by $0.07. As a group, equities analysts predict that Archer Aviation Inc. will post -1.2 EPS for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In other news, major shareholder N.V. Stellantis purchased 2,982,089 shares of the firm’s stock in a transaction dated Thursday, August 8th. The shares were purchased at an average price of $3.35 per share, with a total value of $9,989,998.15. Following the completion of the acquisition, the insider now owns 59,734,962 shares in the company, valued at $200,112,122.70. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors have recently added to or reduced their stakes in ACHR. Hennion & Walsh Asset Management Inc. boosted its holdings in Archer Aviation by 196.6% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 32,681 shares of the company’s stock valued at $151,000 after acquiring an additional 21,662 shares during the period. Janney Montgomery Scott LLC boosted its holdings in Archer Aviation by 266.5% in the first quarter. Janney Montgomery Scott LLC now owns 41,360 shares of the company’s stock valued at $191,000 after acquiring an additional 30,075 shares in the last quarter. Swiss National Bank grew its position in shares of Archer Aviation by 2.3% in the 1st quarter. Swiss National Bank now owns 376,600 shares of the company’s stock worth $1,740,000 after buying an additional 8,500 shares during the period. Interchange Capital Partners LLC grew its position in shares of Archer Aviation by 48.7% in the 1st quarter. Interchange Capital Partners LLC now owns 25,538 shares of the company’s stock worth $120,000 after buying an additional 8,361 shares during the period. Finally, Kingsview Wealth Management LLC grew its position in Archer Aviation by 8.3% during the 1st quarter. Kingsview Wealth Management LLC now owns 113,509 shares of the company’s stock valued at $524,000 after purchasing an additional 8,717 shares during the last quarter. 59.34% of the stock is currently owned by 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.