Archer Aviation (NYSE:ACHR) Trading 3.8% Higher – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) shares shot up 3.8% during mid-day trading on Thursday . The stock traded as high as $7.27 and last traded at $7.2350. 36,967,774 shares changed hands during mid-day trading, a decline of 9% from the average session volume of 40,705,980 shares. The stock had previously closed at $6.97.

Analyst Upgrades and Downgrades

ACHR has been the subject of a number of research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, January 21st. The Goldman Sachs Group began coverage on Archer Aviation in a research report on Monday, December 1st. They set a “neutral” rating and a $11.00 price objective for the company. JPMorgan Chase & Co. decreased their target price on Archer Aviation from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday, November 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $10.00 target price on shares of Archer Aviation in a report on Wednesday, January 14th. Finally, Canaccord Genuity Group increased their price target on Archer Aviation from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, November 21st. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Archer Aviation currently has an average rating of “Moderate Buy” and a consensus price target of $12.17.

Archer Aviation Stock Performance

The firm’s 50-day simple moving average is $7.85 and its two-hundred day simple moving average is $8.96. The company has a current ratio of 18.19, a quick ratio of 18.19 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $4.51 billion, a PE ratio of -5.50 and a beta of 3.11.

Insiders Place Their Bets

In related news, CTO Thomas Paul Muniz sold 125,000 shares of the company’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $8.00, for a total transaction of $1,000,000.00. Following the transaction, the chief technology officer directly owned 1,272,129 shares of the company’s stock, valued at approximately $10,177,032. The trade was a 8.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 7.65% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Large investors have recently made changes to their positions in the business. AlphaQuest LLC boosted its holdings in shares of Archer Aviation by 1,181.6% during the second quarter. AlphaQuest LLC now owns 2,576 shares of the company’s stock worth $28,000 after purchasing an additional 2,375 shares during the period. Johnson Investment Counsel Inc. acquired a new stake in shares of Archer Aviation during the 3rd quarter valued at $29,000. Bank of Jackson Hole Trust grew its holdings in shares of 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 acquiring an additional 986 shares in the last quarter. Geneos Wealth Management Inc. increased its stake in shares of Archer Aviation by 105.3% in the second quarter. Geneos Wealth Management Inc. now owns 3,318 shares of the company’s stock worth $36,000 after acquiring an additional 1,702 shares during the last quarter. Finally, Sound Income Strategies LLC purchased a new stake in shares of Archer Aviation during the third quarter worth $33,000. Institutional investors and hedge funds 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.