Archer Aviation (NYSE:ACHR) Sees Large Volume Increase

Shares of Archer Aviation Inc. (NYSE:ACHR) saw strong trading volume on Wednesday . 2,582,778 shares were traded during mid-day trading, a decline of 54% from the previous session’s volume of 5,626,698 shares.The stock last traded at $3.96 and had previously closed at $3.72.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a research note on Monday. Barclays lowered their target price on 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. Benchmark restated a “buy” rating and issued a $12.00 target price on shares of Archer Aviation in a research note on Tuesday, May 21st. Finally, JPMorgan Chase & Co. decreased their price objective on Archer Aviation from $7.00 to $5.00 and set an “overweight” rating on the stock in a research note on Friday, May 3rd. One analyst has rated the stock with a hold rating and four have given 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 $8.10.

Archer Aviation Stock Performance

The company has a debt-to-equity ratio of 0.08, a quick ratio of 6.01 and a current ratio of 6.01. The company has a market capitalization of $1.36 billion, a P/E ratio of -2.58 and a beta of 2.35. The business has a 50 day moving average of $3.56 and a 200-day moving average of $4.49.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.08). During the same quarter in the prior year, the company posted ($0.46) earnings per share. On average, sell-side analysts predict that Archer Aviation Inc. will post -1.33 EPS for the current fiscal year.

Hedge Funds Weigh In On Archer Aviation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD grew its position in Archer Aviation by 8.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 69,387 shares of the company’s stock worth $321,000 after buying an additional 5,611 shares in the last quarter. Victory Capital Management Inc. grew its position in Archer Aviation by 50.0% during the fourth quarter. Victory Capital Management Inc. now owns 24,748 shares of the company’s stock worth $152,000 after buying an additional 8,246 shares in the last quarter. Interchange Capital Partners LLC grew its position in Archer Aviation by 48.7% during the first 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 in the last quarter. Swiss National Bank grew its position in Archer Aviation by 2.3% during the first 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 in the last quarter. Finally, Kingsview Wealth Management LLC grew its position in Archer Aviation by 8.3% during the first quarter. Kingsview Wealth Management LLC now owns 113,509 shares of the company’s stock worth $524,000 after buying an additional 8,717 shares in the last quarter. 59.34% of the stock is currently owned by hedge funds and other 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.