Archer Aviation (NYSE:ACHR) Trading 8.5% Higher

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price rose 8.5% on Monday . The stock traded as high as $4.00 and last traded at $3.96. Approximately 2,517,835 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 4,936,034 shares. The stock had previously closed at $3.65.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on ACHR shares. Cantor Fitzgerald restated an "overweight" rating and issued a $10.00 target price on shares of Archer Aviation in a research report on Tuesday, February 27th. JPMorgan Chase & Co. dropped their price target on shares of Archer Aviation from $7.00 to $5.00 and set an "overweight" rating for the company in a research report on Friday, May 3rd. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Archer Aviation currently has a consensus rating of "Buy" and a consensus target price of $9.00.

Archer Aviation Stock Up 2.6 %

The company has a current ratio of 6.01, a quick ratio of 6.01 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $1.16 billion, a PE ratio of -2.42 and a beta of 2.45. The business has a fifty day moving average of $4.31 and a 200 day moving average of $5.12.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.36) earnings per share for the quarter, missing analysts' consensus estimates of ($0.28) by ($0.08). During the same quarter in the previous year, the business posted ($0.46) EPS. Equities research analysts anticipate that Archer Aviation Inc. will post -1.45 EPS for the current year.

Insider Activity

In other news, major shareholder N.V. Stellantis bought 750,000 shares of the business's stock in a transaction that occurred on Friday, March 15th. The shares were purchased at an average cost of $5.19 per share, for a total transaction of $3,892,500.00. Following the completion of the purchase, the insider now owns 39,351,720 shares of the company's stock, valued at $204,235,426.80. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last three months, insiders have purchased 3,150,000 shares of company stock worth $15,724,500. Corporate insiders own 27.17% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ACHR. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Archer Aviation by 54.7% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,754,499 shares of the company's stock worth $59,478,000 after purchasing an additional 4,154,340 shares during the period. Vanguard Group Inc. grew its holdings in shares of Archer Aviation by 20.1% during the third quarter. Vanguard Group Inc. now owns 8,324,725 shares of the company's stock worth $42,123,000 after buying an additional 1,394,872 shares during the last quarter. ARK Investment Management LLC increased its holdings in shares of Archer Aviation by 4.7% in the fourth quarter. ARK Investment Management LLC now owns 24,907,280 shares of the company's stock valued at $152,931,000 after purchasing an additional 1,116,908 shares during the period. Vestmark Advisory Solutions Inc. purchased a new position in Archer Aviation during the 4th quarter worth $3,825,000. Finally, Seven Eight Capital LP purchased a new position in Archer Aviation during the third quarter worth about $2,739,000. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.

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