Archer Aviation (NYSE:ACHR) Trading Up 16.4% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) traded up 16.4% on Tuesday . The stock traded as high as $11.05 and last traded at $10.92. 28,716,142 shares traded hands during trading, an increase of 122% from the average session volume of 12,927,041 shares. The stock had previously closed at $9.38.

Analysts Set New Price Targets

ACHR has been the subject of several recent analyst reports. HC Wainwright reiterated a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a research note on Monday, December 16th. Cantor Fitzgerald raised their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Needham & Company LLC started coverage on Archer Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price objective for the company. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, Canaccord Genuity Group increased their price target on shares of Archer Aviation from $8.50 to $11.00 and gave the company a “buy” rating in a report on Friday, December 13th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Archer Aviation currently has an average rating of “Moderate Buy” and a consensus target price of $10.63.

Archer Aviation Stock Up 15.1 %

The firm has a market capitalization of $4.59 billion, a price-to-earnings ratio of -8.18 and a beta of 3.19. The business has a 50 day moving average of $5.76 and a 200 day moving average of $4.40. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the previous year, the company earned ($0.19) EPS. On average, equities analysts anticipate that Archer Aviation Inc. will post -1.28 EPS for the current year.

Insider Activity at Archer Aviation

In related news, Director Michael Spellacy sold 191,513 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $10.00, for a total value of $1,915,130.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder N.V. Stellantis acquired 751,879 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were bought at an average price of $6.65 per share, with a total value 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 approximately $402,237,492.65. This represents a 1.26 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 776,791 shares of company stock valued at $5,139,699 and have sold 1,812,899 shares valued at $11,601,707. 9.75% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Archer Aviation

Several institutional investors have recently added to or reduced their stakes in the company. Tidal Investments LLC grew its stake in Archer Aviation by 29.9% during the third quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock worth $44,000 after buying an additional 3,339 shares during the last quarter. Sanctuary Advisors LLC bought a new position in shares of Archer Aviation in the third quarter valued at approximately $80,000. Barclays PLC boosted its holdings in shares of Archer Aviation by 272.7% in the 3rd quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after acquiring an additional 312,440 shares in the last quarter. Geode Capital Management LLC grew its position in Archer Aviation by 5.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after acquiring an additional 268,896 shares during the last quarter. Finally, Main Management ETF Advisors LLC acquired a new stake in Archer Aviation during the 3rd quarter valued at $583,000. 59.34% of the stock is owned by 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.