Archer Aviation (NYSE:ACHR) Trading Up 3.5% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s share price was up 3.5% during mid-day trading on Friday . The stock traded as high as $8.45 and last traded at $8.57. Approximately 6,207,984 shares traded hands during trading, a decline of 67% from the average daily volume of 18,801,783 shares. The stock had previously closed at $8.28.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on ACHR shares. Needham & Company LLC lifted their price objective on shares of Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. JPMorgan Chase & Co. lowered shares of Archer Aviation from an “overweight” rating to a “neutral” rating and raised their target price for the company from $6.00 to $9.00 in a report on Friday, January 10th. Cantor Fitzgerald raised their target price 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, HC Wainwright reissued a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a report on Friday, February 28th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Archer Aviation has an average rating of “Moderate Buy” and a consensus target price of $11.61.

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’s 50 day simple moving average is $8.80 and its 200 day simple moving average is $6.69. The company has a market capitalization of $4.73 billion, a PE ratio of -6.60 and a beta of 3.14.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.10. As a group, research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Activity

In other news, insider Tosha Perkins sold 49,273 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $379,402.10. Following the completion of the sale, the insider now directly owns 232,396 shares of the company’s stock, valued at approximately $1,789,449.20. The trade was a 17.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Thomas Paul Muniz sold 50,000 shares of the business’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total transaction of $600,000.00. Following the sale, the chief technology officer now directly owns 1,070,360 shares of the company’s stock, valued at $12,844,320. This represents a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 303,985 shares of company stock valued at $2,555,685. 9.75% of the stock is currently owned by company insiders.

Institutional Trading of Archer Aviation

Several institutional investors and hedge funds have recently made changes to their positions in ACHR. Sunbelt Securities Inc. bought a new stake in shares of Archer Aviation in the fourth quarter valued at about $27,000. Conquis Financial LLC bought a new stake in shares of Archer Aviation in the fourth quarter valued at about $29,000. Harbour Investments Inc. raised its holdings in shares of Archer Aviation by 54.7% in the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after acquiring an additional 1,095 shares in the last quarter. 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 acquiring an additional 2,547 shares in the last quarter. Finally, Anchor Investment Management LLC raised its holdings in shares of Archer Aviation by 58.3% in the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock valued at $32,000 after acquiring an additional 1,224 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors.

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.