Archer Aviation (NYSE:ACHR) Shares Up 18.8% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR)’s stock price rose 18.8% on Friday . The company traded as high as $9.84 and last traded at $9.60. Approximately 40,329,100 shares traded hands during mid-day trading, an increase of 308% from the average daily volume of 9,889,396 shares. The stock had previously closed at $8.08.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ACHR. HC Wainwright started coverage on shares of Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price target for the company. Benchmark reiterated a “buy” rating and set a $12.00 target price on shares of Archer Aviation in a report on Friday, August 9th. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a research note on Monday, October 7th. Finally, Needham & Company LLC assumed coverage on Archer Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $11.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $9.33.

Archer Aviation Trading Up 18.4 %

The stock has a market cap of $4.07 billion, a PE ratio of -7.25 and a beta of 2.29. 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 stock’s fifty day moving average price is $3.98 and its 200 day moving average price is $3.81.

Archer Aviation (NYSE:ACHR) last issued its 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 quarter last year, the firm posted ($0.19) earnings per share. On average, sell-side analysts forecast that Archer Aviation Inc. will post -1.29 EPS for the current year.

Insider Buying and Selling

In related news, Director Deborah Diaz bought 5,150 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was acquired at an average cost of $7.48 per share, for a total transaction of $38,522.00. Following the purchase, the director now owns 98,886 shares in the company, valued at approximately $739,667.28. This represents a 5.49 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Adam D. Goldstein sold 805,170 shares of the stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total value of $3,727,937.10. Following the transaction, the chief executive officer now directly owns 4,197,136 shares in the company, valued at $19,432,739.68. The trade was a 16.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.75% of the stock is owned by corporate insiders.

Institutional Trading of Archer Aviation

A number of hedge funds have recently bought and sold shares of the company. Miller Wealth Advisors LLC bought a new stake in shares of Archer Aviation during the 3rd quarter valued at about $26,000. Code Waechter LLC bought a new stake in Archer Aviation during the third quarter valued at approximately $30,000. Azzad Asset Management Inc. ADV purchased a new stake in Archer Aviation during the third quarter valued at approximately $31,000. Hollencrest Capital Management raised its position in Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after acquiring an additional 3,000 shares during the period. Finally, CWM LLC boosted its stake in shares of Archer Aviation by 62.0% during the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after acquiring an additional 3,559 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.