Archer Aviation (NYSE:ACHR) Sees Unusually-High Trading Volume – Time to Buy?

Archer Aviation Inc. (NYSE:ACHR) shares saw unusually-high trading volume on Tuesday . Approximately 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.

Analyst Ratings Changes

ACHR has been the subject of several recent analyst reports. Needham & Company LLC initiated coverage on Archer Aviation in a report on Tuesday. They issued a “buy” rating and a $11.00 price target for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a research report on Monday, October 7th. JPMorgan Chase & Co. lifted their price target on Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Benchmark reiterated a “buy” rating and set a $12.00 price target on shares of Archer Aviation in a research report on Friday, August 9th. Finally, HC Wainwright began coverage on Archer Aviation in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price objective for the company. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $9.33.

Archer Aviation Price 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 firm has a market capitalization of $2.15 billion, a PE ratio of -3.83 and a beta of 2.29. The stock has a 50-day moving average price of $3.37 and a 200 day moving average price of $3.63.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the previous year, the firm posted ($0.19) earnings per share. Equities analysts forecast that Archer Aviation Inc. will post -1.2 EPS for the current fiscal year.

Institutional Trading of Archer Aviation

Several large investors have recently made changes to their positions in ACHR. HBK Investments L P purchased a new stake in shares of Archer Aviation during the third quarter worth approximately $6,818,000. Alpine Global Management LLC acquired a new position in Archer Aviation during the first quarter worth $5,782,000. Sora Investors LLC acquired a new position in Archer Aviation during the third quarter worth $3,429,000. Intellectus Partners LLC boosted its stake in Archer Aviation by 136.1% during the second quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock worth $3,187,000 after buying an additional 523,024 shares during the last quarter. Finally, Stifel Financial Corp boosted its stake in Archer Aviation by 574.5% during the third quarter. Stifel Financial Corp now owns 459,171 shares of the company’s stock worth $1,391,000 after buying an additional 391,092 shares during the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

About Archer Aviation

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.