Archer Aviation (NYSE:ACHR) Stock Price Up 3.4% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s share price shot up 3.4% during mid-day trading on Tuesday . The company traded as high as $7.20 and last traded at $7.1950. 39,177,086 shares changed hands during trading, a decline of 2% from the average session volume of 40,135,230 shares. The stock had previously closed at $6.96.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Archer Aviation in a research report on Monday, November 24th. Canaccord Genuity Group boosted their target price on shares of Archer Aviation from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, November 21st. Needham & Company LLC reiterated a “buy” rating and issued a $10.00 price target on shares of Archer Aviation in a research report on Wednesday, January 14th. The Goldman Sachs Group started coverage on Archer Aviation in a research report on Monday, December 1st. They set a “neutral” rating and a $11.00 price target on the stock. Finally, JPMorgan Chase & Co. dropped their price objective on Archer Aviation from $10.00 to $8.00 and set a “neutral” rating for the company in a report on Friday, November 7th. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $12.17.

Archer Aviation Stock Up 3.4%

The firm has a 50 day simple moving average of $7.84 and a two-hundred day simple moving average of $8.92. The company has a quick ratio of 18.19, a current ratio of 18.19 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $4.69 billion, a P/E ratio of -5.71 and a beta of 3.12.

Insider Transactions at Archer Aviation

In other Archer Aviation news, CTO Thomas Paul Muniz sold 125,000 shares of the business’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $8.00, for a total transaction of $1,000,000.00. Following the completion of the transaction, the chief technology officer owned 1,272,129 shares of the company’s stock, valued at approximately $10,177,032. The trade was a 8.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.65% of the stock is currently owned by corporate insiders.

Institutional Trading of Archer Aviation

Hedge funds have recently added to or reduced their stakes in the stock. AlphaQuest LLC increased its holdings in shares of Archer Aviation by 1,181.6% during the second quarter. AlphaQuest LLC now owns 2,576 shares of the company’s stock worth $28,000 after buying an additional 2,375 shares in the last quarter. Johnson Investment Counsel Inc. acquired a new position in Archer Aviation in the 3rd quarter worth about $29,000. Bank of Jackson Hole Trust raised its position in Archer Aviation by 45.9% in the third quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock valued at $30,000 after purchasing an additional 986 shares during the last quarter. Geneos Wealth Management Inc. boosted its stake in shares of Archer Aviation by 105.3% during the second quarter. Geneos Wealth Management Inc. now owns 3,318 shares of the company’s stock valued at $36,000 after purchasing an additional 1,702 shares in the last quarter. Finally, Sound Income Strategies LLC bought a new stake in shares of Archer Aviation during the third quarter worth about $33,000. Institutional investors and hedge funds own 59.34% of the company’s stock.

About Archer Aviation

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.