Archer Aviation (NYSE:ACHR) Shares Up 6.5% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) shares traded up 6.5% during mid-day trading on Thursday . The stock traded as high as $9.15 and last traded at $9.02. 53,407,864 shares changed hands during mid-day trading, an increase of 7% from the average session volume of 50,081,023 shares. The stock had previously closed at $8.47.

Wall Street Analyst Weigh In

Several brokerages recently commented on ACHR. Cantor Fitzgerald reissued an “overweight” rating on shares of Archer Aviation in a research report on Monday, November 24th. Needham & Company LLC reiterated a “buy” rating and set a $10.00 price target on shares of Archer Aviation in a report on Wednesday, January 14th. The Goldman Sachs Group began coverage on Archer Aviation in a research report on Monday, December 1st. They issued a “neutral” rating and a $11.00 price objective on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. decreased their price target on Archer Aviation from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday, November 7th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Archer Aviation presently has an average rating of “Moderate Buy” and an average target price of $12.14.

Archer Aviation Price Performance

The firm has a 50-day simple moving average of $8.11 and a 200-day simple moving average of $9.51. The firm has a market capitalization of $5.88 billion, a PE ratio of -7.16 and a beta of 3.10. The company has a debt-to-equity ratio of 0.05, a current ratio of 18.19 and a quick ratio of 18.19.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.20) earnings per share for the quarter, hitting the consensus estimate of ($0.20). As a group, equities analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Priya Gupta sold 5,479 shares of the firm’s stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $7.49, for a total value of $41,037.71. Following the transaction, the chief financial officer owned 161,523 shares of the company’s stock, valued at $1,209,807.27. This trade represents a 3.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Eric Lentell sold 41,490 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $7.49, for a total transaction of $310,760.10. Following the sale, the insider owned 83,733 shares in the company, valued at approximately $627,160.17. The trade was a 33.13% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 307,635 shares of company stock worth $2,367,936. Corporate insiders own 7.65% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of Jackson Hole Trust raised its position in Archer Aviation by 45.9% during the 3rd quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock valued at $30,000 after purchasing an additional 986 shares in the last quarter. Farther Finance Advisors LLC grew its position in shares of Archer Aviation by 45.7% during the 2nd quarter. Farther Finance Advisors LLC now owns 3,524 shares of the company’s stock worth $38,000 after buying an additional 1,106 shares in the last quarter. Prime Capital Investment Advisors LLC increased its stake in shares of Archer Aviation by 2.5% during the third quarter. Prime Capital Investment Advisors LLC now owns 46,262 shares of the company’s stock valued at $443,000 after buying an additional 1,107 shares during the period. HighPoint Advisor Group LLC raised its holdings in shares of Archer Aviation by 3.6% in the third quarter. HighPoint Advisor Group LLC now owns 35,919 shares of the company’s stock valued at $344,000 after acquiring an additional 1,237 shares in the last quarter. Finally, Clear Creek Financial Management LLC lifted its stake in Archer Aviation by 2.9% in the third quarter. Clear Creek Financial Management LLC now owns 44,084 shares of the company’s stock worth $422,000 after acquiring an additional 1,254 shares during the period. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Company Profile

Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.