Archer Aviation (NYSE:ACHR) Trading Up 6.7% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) shares shot up 6.7% during mid-day trading on Monday . The company traded as high as $9.84 and last traded at $9.63. 17,769,403 shares were traded during trading, a decline of 36% from the average session volume of 27,743,865 shares. The stock had previously closed at $9.02.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft raised their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Cantor Fitzgerald lifted their price target on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Canaccord Genuity Group lowered their price objective on Archer Aviation from $14.00 to $13.00 and set a “buy” rating on the stock in a research report on Wednesday. HC Wainwright reiterated a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a research note on Monday, December 16th. Finally, Needham & Company LLC reissued a “buy” rating and set a $11.00 price target on shares of Archer Aviation in a report on Thursday, January 16th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $11.25.

Archer Aviation Stock Performance

The firm’s fifty day moving average is $9.30 and its 200 day moving average is $5.79. The company has a market cap of $3.98 billion, a PE ratio of -7.09 and a beta of 3.13. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

Insider Activity at Archer Aviation

In related news, CEO Adam D. Goldstein sold 805,170 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 4,197,136 shares of the company’s stock, valued at approximately $19,432,739.68. This represents a 16.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder N.V. Stellantis bought 751,879 shares of Archer Aviation stock in a transaction on Wednesday, December 11th. The shares were purchased at an average cost of $6.65 per share, for a total transaction of $4,999,995.35. Following the completion of the purchase, the insider now directly owns 60,486,841 shares of the company’s stock, valued at $402,237,492.65. This trade represents a 1.26 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 776,791 shares of company stock valued at $5,139,699 and have sold 1,862,899 shares valued at $12,201,707. 9.75% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ACHR. Miller Wealth Advisors LLC acquired a new position in Archer Aviation during the third quarter worth $26,000. Harbour Investments Inc. raised its holdings in shares of Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after buying an additional 1,095 shares during the period. GPS Wealth Strategies Group LLC raised its holdings in shares of Archer Aviation by 708.3% in the 4th quarter. GPS Wealth Strategies Group LLC now owns 3,395 shares of the company’s stock valued at $33,000 after buying an additional 2,975 shares during the period. Cyndeo Wealth Partners LLC acquired a new position in Archer Aviation during the 3rd quarter worth about $36,000. Finally, Narwhal Capital Management purchased a new position in Archer Aviation during the 3rd quarter valued at about $40,000. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.