Archer Aviation (NYSE:ACHR) Trading Up 1.9% – Time to Buy?

Shares of Archer Aviation Inc. (NYSE:ACHR) shot up 1.9% during trading on Thursday . The company traded as high as $4.54 and last traded at $4.36. 5,598,433 shares traded hands during mid-day trading, a decline of 34% from the average session volume of 8,438,635 shares. The stock had previously closed at $4.28.

Wall Street Analysts Forecast Growth

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

Archer Aviation Trading Down 4.1 %

The firm has a 50-day moving average of $3.28 and a 200 day moving average of $3.62. The company has a market cap of $1.46 billion, a P/E ratio of -3.12 and a beta of 2.29. The company has a current ratio of 6.03, a quick ratio of 4.49 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period last year, the company earned ($0.19) EPS. On average, analysts predict that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Trading of Archer Aviation

Several large investors have recently made changes to their positions in the company. Miller Wealth Advisors LLC bought a new position in Archer Aviation in the third quarter worth approximately $26,000. Code Waechter LLC bought a new position in shares of Archer Aviation in the 3rd quarter worth $30,000. Azzad Asset Management Inc. ADV acquired a new stake in Archer Aviation in the 3rd quarter valued at $31,000. Hollencrest Capital Management increased its stake in Archer Aviation by 50.0% during the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after purchasing an additional 3,000 shares in the last quarter. Finally, CWM LLC raised its holdings 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 buying an additional 3,559 shares during the last quarter. 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.