Archer Aviation (NYSE:ACHR) Shares Up 3.7% After Strong Earnings

Archer Aviation Inc. (NYSE:ACHR) shares traded up 3.7% on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $8.64 and last traded at $8.51. 11,575,261 shares were traded during mid-day trading, a decline of 64% from the average session volume of 32,356,707 shares. The stock had previously closed at $8.21.

The company reported ($0.30) EPS for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.10.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on ACHR shares. Cantor Fitzgerald upped their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Raymond James upped their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft upped their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. JPMorgan Chase & Co. cut shares of Archer Aviation from an “overweight” rating to a “neutral” rating and upped their target price for the company from $6.00 to $9.00 in a report on Friday, January 10th. Finally, Canaccord Genuity Group boosted their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research note on Friday. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.61.

Insider Transactions at Archer Aviation

In other Archer Aviation news, CTO Thomas Paul Muniz sold 438,428 shares of the company’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $7.59, for a total transaction of $3,327,668.52. Following the transaction, the chief technology officer now directly owns 1,170,360 shares in the company, valued at approximately $8,883,032.40. This represents a 27.25 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Tosha Perkins sold 150,000 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $6.40, for a total transaction of $960,000.00. Following the transaction, the insider now owns 197,355 shares in the company, valued at $1,263,072. The trade was a 43.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,057,729 shares of company stock worth $8,473,770 over the last ninety days. 9.75% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ACHR. Creative Planning grew its position in Archer Aviation by 74.1% during the third quarter. Creative Planning now owns 28,851 shares of the company’s stock worth $87,000 after buying an additional 12,278 shares during the period. PFG Investments LLC lifted its holdings in shares of Archer Aviation by 36.0% in the third quarter. PFG Investments LLC now owns 19,629 shares of the company’s stock valued at $59,000 after purchasing an additional 5,200 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in shares of Archer Aviation by 13.5% in the third quarter. DekaBank Deutsche Girozentrale now owns 37,820 shares of the company’s stock valued at $115,000 after purchasing an additional 4,505 shares in the last quarter. Fullcircle Wealth LLC lifted its holdings in shares of Archer Aviation by 138.0% in the third quarter. Fullcircle Wealth LLC now owns 47,601 shares of the company’s stock valued at $144,000 after purchasing an additional 27,601 shares in the last quarter. Finally, Vestor Capital LLC purchased a new stake in shares of Archer Aviation in the third quarter valued at about $61,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Archer Aviation Stock Up 12.0 %

The company has a market cap of $3.77 billion, a PE ratio of -6.72 and a beta of 3.14. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The firm’s fifty day simple moving average is $9.59 and its 200-day simple moving average is $6.24.

About Archer Aviation

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.