Archer Aviation (NYSE:ACHR) Trading Up 10.3% on Strong Earnings

Archer Aviation Inc. (NYSE:ACHR)’s share price was up 10.3% on Friday following a stronger than expected earnings report. The stock traded as high as $8.76 and last traded at $8.73. Approximately 24,637,920 shares were traded during mid-day trading, a decline of 25% from the average daily volume of 32,738,414 shares. The stock had previously closed at $7.92.

The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.10.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. HC Wainwright restated a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a report on Friday. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Raymond James raised their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Cantor Fitzgerald upped their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Finally, JPMorgan Chase & Co. downgraded Archer Aviation from an “overweight” rating to a “neutral” rating and raised their price target for the company from $6.00 to $9.00 in a research report on Friday, January 10th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Archer Aviation has a consensus rating of “Moderate Buy” and an average price target of $11.61.

Insider Buying and Selling at Archer Aviation

In related news, insider Tosha Perkins sold 150,000 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $6.40, for a total transaction of $960,000.00. Following the completion of the sale, the insider now owns 197,355 shares in the company, valued at $1,263,072. This trade represents a 43.18 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder N.V. Stellantis purchased 751,879 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were purchased at an average cost of $6.65 per share, with a total value of $4,999,995.35. Following the completion of the acquisition, the insider now directly owns 60,486,841 shares in the company, valued at $402,237,492.65. The trade was a 1.26 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 1,057,729 shares of company stock valued at $8,473,770. 9.75% of the stock is currently owned by corporate insiders.

Institutional Trading of Archer Aviation

Several hedge funds have recently modified their holdings of ACHR. Miller Wealth Advisors LLC acquired a new position in shares of Archer Aviation in the 3rd quarter worth approximately $26,000. Sunbelt Securities Inc. acquired a new position in Archer Aviation in the fourth quarter worth $27,000. Conquis Financial LLC acquired a new position in Archer Aviation in the fourth quarter worth $29,000. Harbour Investments Inc. grew its holdings in shares of Archer Aviation by 54.7% during the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock worth $30,000 after purchasing an additional 1,095 shares during the last quarter. Finally, Oarsman Capital Inc. raised its holdings in shares of Archer Aviation by 471.7% in the fourth quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock valued at $30,000 after buying an additional 2,547 shares during the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

Archer Aviation Trading Up 12.0 %

The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a market cap of $3.77 billion, a P/E ratio of -6.72 and a beta of 3.14. The business’s fifty day simple moving average is $9.59 and its 200 day simple moving average is $6.24.

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.