Archer Aviation (NYSE:ACHR) Shares Up 2.3% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) was up 2.3% on Thursday . The company traded as high as $8.60 and last traded at $8.56. Approximately 28,712,927 shares traded hands during mid-day trading, a decline of 27% from the average daily volume of 39,548,164 shares. The stock had previously closed at $8.37.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Cantor Fitzgerald reissued an “overweight” rating on shares of Archer Aviation in a research report on Monday, November 24th. Needham & Company LLC lowered their price target on Archer Aviation from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, November 7th. The Goldman Sachs Group started coverage on Archer Aviation in a research note on Monday, December 1st. They issued a “neutral” rating and a $11.00 target price on the stock. Canaccord Genuity Group raised their target price on shares of Archer Aviation from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, November 21st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, October 8th. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $12.14.

Archer Aviation Trading Down 2.9%

The company has a debt-to-equity ratio of 0.05, a current ratio of 18.19 and a quick ratio of 18.19. The stock’s 50-day moving average price is $9.67 and its 200 day moving average price is $9.92. The firm has a market capitalization of $5.41 billion, a PE ratio of -6.60 and a beta of 3.10.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.20) EPS for the quarter, hitting the consensus estimate of ($0.20). On average, sell-side analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Transactions at Archer Aviation

In other news, CFO Priya Gupta sold 5,479 shares of the firm’s stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $7.49, for a total transaction of $41,037.71. Following the sale, the chief financial officer owned 161,523 shares of the company’s stock, valued at approximately $1,209,807.27. This trade represents a 3.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Tosha Perkins sold 45,018 shares of the firm’s stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $7.49, for a total value of $337,184.82. Following the transaction, the insider directly owned 334,632 shares in the company, valued at approximately $2,506,393.68. The trade was a 11.86% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 182,635 shares of company stock valued at $1,367,936. 7.65% of the stock is owned by insiders.

Institutional Investors Weigh In On Archer Aviation

Institutional investors have recently added to or reduced their stakes in the business. LPL Financial LLC increased its position in shares of Archer Aviation by 30.6% in the first quarter. LPL Financial LLC now owns 360,964 shares of the company’s stock valued at $2,566,000 after buying an additional 84,522 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in Archer Aviation by 72.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 33,086 shares of the company’s stock worth $235,000 after acquiring an additional 13,891 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Archer Aviation by 19.7% during the first quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company’s stock worth $140,275,000 after acquiring an additional 3,249,106 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Archer Aviation by 36.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,105,423 shares of the company’s stock valued at $22,080,000 after acquiring an additional 827,893 shares during the last quarter. Finally, Deutsche Bank AG increased its holdings in Archer Aviation by 23.9% in the first quarter. Deutsche Bank AG now owns 258,261 shares of the company’s stock valued at $1,836,000 after buying an additional 49,762 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.