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

Archer Aviation Inc. (NYSE:ACHR) saw unusually-strong trading volume on Tuesday . Approximately 4,171,964 shares changed hands during 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

Several equities analysts have commented on ACHR shares. HC Wainwright started coverage on Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective for the company. Needham & Company LLC started coverage on Archer Aviation in a research report on Tuesday. They set a “buy” rating and a $11.00 price objective for the company. Benchmark reaffirmed a “buy” rating and issued a $12.00 price target on shares of Archer Aviation in a research report on Friday, August 9th. JPMorgan Chase & Co. lifted their price objective on Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a research note on Monday, October 7th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Archer Aviation presently has an average rating of “Moderate Buy” and an average target price of $9.33.

Archer Aviation Stock Performance

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 has a 50 day simple moving average of $3.37 and a two-hundred day simple moving average of $3.63. The firm has a market cap of $2.15 billion, a PE ratio of -3.83 and a beta of 2.29.

Archer Aviation (NYSE:ACHR) last released its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period last year, the firm posted ($0.19) earnings per share. As a group, equities research analysts forecast that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Archer Aviation

Several institutional investors have recently made changes to their positions in ACHR. HBK Investments L P purchased a new position in shares of Archer Aviation during the third quarter valued at $6,818,000. Alpine Global Management LLC purchased a new position in Archer Aviation in the first quarter valued at about $5,782,000. Sora Investors LLC purchased a new position in Archer Aviation in the third quarter valued at about $3,429,000. Intellectus Partners LLC grew its stake in Archer Aviation by 136.1% in the second quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock valued at $3,187,000 after purchasing an additional 523,024 shares during the last quarter. Finally, Stifel Financial Corp grew its stake in Archer Aviation by 574.5% in the third quarter. Stifel Financial Corp now owns 459,171 shares of the company’s stock valued at $1,391,000 after purchasing an additional 391,092 shares during the last quarter. Hedge funds and other 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.