Archer Aviation (NYSE:ACHR) Trading Up 2.1% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) shares shot up 2.1% during trading on Friday . The company traded as high as $5.65 and last traded at $5.5650. Approximately 19,837,490 shares were traded during trading, a decline of 46% from the average session volume of 37,042,613 shares. The stock had previously closed at $5.45.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on ACHR shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $11.00 price objective on shares of Archer Aviation in a report on Tuesday, August 11th. Wells Fargo & Company set a $18.00 price objective on shares of Archer Aviation in a report on Tuesday, August 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research note on Friday, July 17th. UBS Group reissued an “overweight” rating on shares of Archer Aviation in a report on Tuesday, August 11th. Finally, Barclays upgraded shares of Archer Aviation to a “hold” rating in a research report on Wednesday, July 29th. Five analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Archer Aviation has a consensus rating of “Hold” and an average price target of $11.50.

Archer Aviation Trading Up 2.1%

The company has a market cap of $4.29 billion, a price-to-earnings ratio of -5.15 and a beta of 3.23. The company has a quick ratio of 10.21, a current ratio of 10.21 and a debt-to-equity ratio of 0.06. The company’s 50-day moving average is $5.48 and its 200 day moving average is $5.76.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.34) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.34). The firm had revenue of $5.00 million during the quarter, compared to analyst estimates of $1.94 million. Research analysts predict that Archer Aviation Inc. will post -1.37 EPS for the current year.

Insider Activity at Archer Aviation

In related news, CAO Harsh Rungta sold 13,880 shares of the company’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.41, for a total value of $88,970.80. Following the completion of the transaction, the chief accounting officer owned 110,847 shares of the company’s stock, valued at approximately $710,529.27. This represents a 11.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Eric Lentell sold 100,000 shares of the stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $6.31, for a total value of $631,000.00. Following the transaction, the insider owned 85,011 shares in the company, valued at $536,419.41. This represents a 54.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 176,657 shares of company stock worth $1,122,371 in the last 90 days. Corporate insiders own 5.55% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ACHR. Seven Grand Managers LLC acquired a new position in shares of Archer Aviation during the 4th quarter worth about $22,560,000. Bank of America Corp DE lifted its stake in Archer Aviation by 33.2% in the 1st quarter. Bank of America Corp DE now owns 2,136,942 shares of the company’s stock valued at $11,048,000 after buying an additional 532,762 shares in the last quarter. Norges Bank acquired a new stake in Archer Aviation in the 4th quarter worth about $58,494,000. California State Teachers Retirement System boosted its holdings in Archer Aviation by 21.0% in the 1st quarter. California State Teachers Retirement System now owns 716,066 shares of the company’s stock worth $3,702,000 after buying an additional 124,052 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in Archer Aviation by 14.9% during the 4th quarter. Geode Capital Management LLC now owns 14,385,647 shares of the company’s stock worth $108,197,000 after buying an additional 1,867,648 shares in the last quarter. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Archer Aviation Company Profile

Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its aircraft are designed to transport passengers over short distances using distributed electric propulsion, with the goal of providing quieter and potentially faster alternatives to traditional ground transportation in congested urban areas.

The company’s primary aircraft is Midnight, a piloted, four-passenger eVTOL aircraft intended for commercial air taxi operations.