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

Archer Aviation Inc. (NYSE:ACHR) shares saw an uptick in trading volume on Tuesday . 4,171,964 shares changed hands during mid-day trading, a decline of 51% from the previous session’s volume of 8,551,855 shares.The stock last traded at $4.59 and had previously closed at $4.41.

Analysts Set New Price Targets

ACHR has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. boosted their price target 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. Benchmark reissued a “buy” rating and issued a $12.00 price target on shares of Archer Aviation in a research report on Friday, August 9th. Needham & Company LLC assumed coverage on shares of Archer Aviation in a report on Tuesday. They set a “buy” rating and a $11.00 price target on the stock. HC Wainwright started coverage on shares of Archer Aviation in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 target price for the company. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a research note on Monday, October 7th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Archer Aviation presently has a consensus rating of “Moderate Buy” and an average price target of $9.33.

Archer Aviation Trading Up 12.7 %

The firm has a market cap of $2.11 billion, a price-to-earnings ratio of -3.52 and a beta of 2.29. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The business’s fifty day moving average is $3.30 and its two-hundred day moving average is $3.62.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter in the previous year, the company earned ($0.19) EPS. Equities analysts anticipate that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Archer Aviation

Several hedge funds have recently added to or reduced their stakes in ACHR. Geode Capital Management LLC grew its stake in Archer Aviation by 5.6% in the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock valued at $15,487,000 after acquiring an additional 268,896 shares during the period. Barclays PLC boosted its stake in shares of Archer Aviation by 272.7% during the 3rd quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after buying an additional 312,440 shares during the last quarter. Main Management ETF Advisors LLC bought a new position in Archer Aviation in the third quarter valued at approximately $583,000. XTX Topco Ltd acquired a new position in Archer Aviation during the third quarter worth $397,000. Finally, EP Wealth Advisors LLC increased its stake in shares of Archer Aviation by 50.0% during the 3rd quarter. EP Wealth Advisors LLC now owns 15,000 shares of the company’s stock worth $45,000 after purchasing an additional 5,000 shares during the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

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.