Archer Aviation (NYSE:ACHR) Stock Price Up 2.2% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) shares shot up 2.2% on Tuesday . The company traded as high as $7.77 and last traded at $7.5850. 57,616,753 shares changed hands during mid-day trading, an increase of 46% from the average session volume of 39,350,852 shares. The stock had previously closed at $7.42.

Analyst Ratings Changes

Several analysts recently commented on ACHR shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research note on Wednesday, October 8th. JPMorgan Chase & Co. decreased their price target on Archer Aviation from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, November 7th. Canaccord Genuity Group dropped their price objective on Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. HC Wainwright restated a “buy” rating and issued a $18.00 price target on shares of Archer Aviation in a research report on Tuesday, August 12th. Finally, Needham & Company LLC decreased their price objective on shares of Archer Aviation from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, November 7th. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.57.

Archer Aviation Stock Up 2.2%

The company has a market capitalization of $4.94 billion, a price-to-earnings ratio of -6.02 and a beta of 3.07. The company has a quick ratio of 18.19, a current ratio of 18.19 and a debt-to-equity ratio of 0.05. The firm has a 50 day moving average price of $10.25 and a two-hundred day moving average price of $10.24.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.20) EPS for the quarter, meeting analysts’ consensus estimates of ($0.20). As a group, sell-side analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Institutional Investors Weigh In On Archer Aviation

Several hedge funds and other institutional investors have recently modified their holdings of ACHR. Vanguard Group Inc. raised its stake in shares of Archer Aviation by 45.8% in the 3rd quarter. Vanguard Group Inc. now owns 52,363,259 shares of the company’s stock valued at $501,640,000 after purchasing an additional 16,452,398 shares in the last quarter. Man Group plc increased its holdings in Archer Aviation by 13,793.3% in the second quarter. Man Group plc now owns 4,212,722 shares of the company’s stock valued at $45,708,000 after buying an additional 4,182,400 shares during the last quarter. Geode Capital Management LLC raised its stake in Archer Aviation by 44.1% during the second quarter. Geode Capital Management LLC now owns 11,991,714 shares of the company’s stock valued at $130,125,000 after buying an additional 3,671,753 shares in the last quarter. Nuveen LLC acquired a new stake in Archer Aviation during the first quarter valued at approximately $22,423,000. Finally, Adage Capital Partners GP L.L.C. lifted its holdings in Archer Aviation by 435.7% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 3,750,000 shares of the company’s stock worth $40,688,000 after buying an additional 3,050,000 shares during the last quarter. 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.