Archer Aviation Inc. (NYSE:ACHR) shares are trading higher Friday. The company announced a planned air mobility network in the San Francisco Bay Area on Thursday.
The Details:
Archer Aviation announced plans for an air mobility network that will connect five strategic locations across the San Francisco Bay Area – South San Francisco, Napa, San Jose, Oakland, and Livermore. Archer said the network is anticipated to provide connectivity to communities around the region, allowing people to replace one-to-two-hour drives to cities around the bay with flights that take between 10 and 20 minutes.
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To anchor the network, Kilroy Realty Corporation recently signed a memorandum of understanding (MOU) with Archer identifying Kilroy Oyster Point, a 50-acre waterfront campus in South San Francisco, as a critical hub in Archer’s planned San Francisco Bay Area UAM network.
Archer Aviation shares are climbing on above-average trading volume Friday and 28.25% of available shares are being sold short, according to data from Benzinga Pro.
Will ACHR Stock Go Up?
When trying to assess whether or not Archer Aviation will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $7.88 on Archer Aviation. The Street high target is currently at $12.0 and the Street low target is $4.5. Of all the analysts covering Archer Aviation, 3 have positive ratings, one has neutral ratings and no one has negative ratings.
In the last month, one analyst has adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Archer Aviation have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Archer Aviation is 1.48% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about Archer Aviation, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
ACHR Price Action: According to Benzinga Pro, Archer Aviation shares are up 13.4% at $3.53 at the time of publication Friday.
Image: Courtesy of Archer Aviation, Inc.
