Archer Aviation (NYSE:ACHR) Shares Gap Up to $3.42

Archer Aviation Inc. (NYSE:ACHR) shares gapped up before the market opened on Tuesday . The stock had previously closed at $3.42, but opened at $3.49. Archer Aviation shares last traded at $3.77, with a volume of 1,565,784 shares trading hands.

Analyst Upgrades and Downgrades

ACHR has been the topic of a number of research reports. Barclays cut their target price on shares of Archer Aviation from $6.50 to $4.50 and set an “equal weight” rating on the stock in a research note on Friday, May 17th. JPMorgan Chase & Co. decreased their target price on shares of Archer Aviation from $7.00 to $5.00 and set an “overweight” rating for the company in a report on Friday, May 3rd. Benchmark reissued a “buy” rating and set a $12.00 price objective on shares of Archer Aviation in a report on Tuesday, May 21st. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 price objective on shares of Archer Aviation in a report on Monday. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $8.10.

Archer Aviation Trading Up 7.3 %

The firm has a market capitalization of $1.19 billion, a PE ratio of -2.28 and a beta of 2.35. The company has a quick ratio of 6.01, a current ratio of 6.01 and a debt-to-equity ratio of 0.08. The stock’s fifty day simple moving average is $3.56 and its 200 day simple moving average is $4.52.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results 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 period last year, the company posted ($0.46) EPS. On average, sell-side analysts predict that Archer Aviation Inc. will post -1.33 earnings per share for the current year.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Tidal Investments LLC purchased a new stake in Archer Aviation during the first quarter valued at $49,000. Janney Montgomery Scott LLC purchased a new stake in Archer Aviation during the third quarter valued at $52,000. Vestor Capital LLC purchased a new stake in Archer Aviation during the fourth quarter valued at $61,000. PFG Investments LLC purchased a new stake in Archer Aviation during the first quarter valued at $67,000. Finally, Keating Wealth Management LLC purchased a new stake in Archer Aviation during the fourth quarter valued at $69,000. Institutional investors 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.