Archer Aviation (NYSE:ACHR) Trading 6.7% Higher – Here’s What Happened

Shares of Archer Aviation Inc. (NYSE:ACHR) were up 6.7% during trading on Friday . The stock traded as high as $7.78 and last traded at $7.73. Approximately 8,396,499 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 31,823,473 shares. The stock had previously closed at $7.25.

Analyst Upgrades and Downgrades

Several analysts recently commented on ACHR shares. Needham & Company LLC upped their target price on Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a report on Friday, February 28th. Deutsche Bank Aktiengesellschaft increased their price target on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Canaccord Genuity Group increased their price target on Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a report on Friday, February 28th. Cantor Fitzgerald increased their price target on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Finally, HC Wainwright restated a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a report on Friday, February 28th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Archer Aviation has a consensus rating of “Moderate Buy” and a consensus target price of $11.61.

Archer Aviation Trading Up 7.5 %

The business has a fifty day moving average of $9.09 and a 200-day moving average of $6.48. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The company has a market capitalization of $4.23 billion, a P/E ratio of -5.91 and a beta of 3.14.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.10. Analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CTO Thomas Paul Muniz sold 50,000 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $9.00, for a total value of $450,000.00. Following the completion of the sale, the chief technology officer now directly owns 1,120,360 shares of the company’s stock, valued at approximately $10,083,240. This represents a 4.27 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Tosha Perkins sold 49,273 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $379,402.10. Following the completion of the sale, the insider now directly owns 232,396 shares of the company’s stock, valued at $1,789,449.20. The trade was a 17.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 545,498 shares of company stock worth $4,920,815 in the last ninety days. Corporate insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Institutional investors and hedge funds have recently bought and sold shares of the stock. Sunbelt Securities Inc. purchased a new stake in shares of Archer Aviation during the 4th quarter valued at $27,000. Conquis Financial LLC purchased a new stake in shares of Archer Aviation during the 4th quarter valued at $29,000. Harbour Investments Inc. increased its position in shares of Archer Aviation by 54.7% during the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after purchasing an additional 1,095 shares during the last quarter. Oarsman Capital Inc. increased its position in shares of Archer Aviation by 471.7% during the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock valued at $30,000 after purchasing an additional 2,547 shares during the last quarter. Finally, Anchor Investment Management LLC increased its position in shares of Archer Aviation by 58.3% during the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock valued at $32,000 after purchasing an additional 1,224 shares during the last quarter. 59.34% of the stock is 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.