Archer Aviation (NYSE:ACHR) Stock Price Up 3% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) shares rose 3% during mid-day trading on Tuesday . The stock traded as high as $8.88 and last traded at $8.8150. Approximately 40,818,436 shares traded hands during mid-day trading, a decline of 17% from the average daily volume of 49,192,695 shares. The stock had previously closed at $8.56.

Analysts Set New Price Targets

Several analysts have recently commented on ACHR shares. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Archer Aviation in a research report on Monday, November 24th. The Goldman Sachs Group started coverage on shares of Archer Aviation in a research note on Monday, December 1st. They issued a “neutral” rating and a $11.00 price target for the company. Canaccord Genuity Group increased their price objective on shares of Archer Aviation from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, November 21st. JPMorgan Chase & Co. reduced their target price on Archer Aviation from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday, November 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research report on Wednesday, October 8th. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $12.14.

Archer Aviation Price Performance

The stock has a market capitalization of $5.74 billion, a P/E ratio of -7.00 and a beta of 3.10. The business’s 50 day simple moving average is $8.36 and its two-hundred day simple moving average is $9.63. The company has a quick ratio of 18.19, a current ratio of 18.19 and a debt-to-equity ratio of 0.05.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Thursday, November 6th. The company reported ($0.20) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.20). As a group, sell-side analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Archer Aviation news, insider Tosha Perkins sold 45,018 shares of the firm’s stock in a transaction on Monday, November 17th. The stock was sold at an average price of $7.49, for a total transaction of $337,184.82. Following the transaction, the insider directly owned 334,632 shares in the company, valued at approximately $2,506,393.68. This trade represents a 11.86% 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, CTO Thomas Paul Muniz sold 90,648 shares of Archer Aviation stock in a transaction on Monday, November 17th. The stock was sold at an average price of $7.49, for a total transaction of $678,953.52. Following the transaction, the chief technology officer directly owned 1,397,129 shares in the company, valued at $10,464,496.21. This represents a 6.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 182,635 shares of company stock worth $1,367,936 over the last three months. Company insiders own 7.65% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Clear Creek Financial Management LLC purchased a new position in Archer Aviation during the second quarter valued at approximately $465,000. Vestor Capital LLC lifted its stake in Archer Aviation by 1,014.7% in the 2nd quarter. Vestor Capital LLC now owns 278,666 shares of the company’s stock worth $3,024,000 after purchasing an additional 253,666 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new position in Archer Aviation in the 1st quarter valued at $4,977,000. KLP Kapitalforvaltning AS grew its position in shares of Archer Aviation by 57.5% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 114,500 shares of the company’s stock valued at $1,242,000 after purchasing an additional 41,800 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of Archer Aviation in the second quarter worth $2,389,000. 59.34% of the stock is owned by institutional investors.

Archer Aviation Company Profile

Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.