Archer Aviation (NYSE:ACHR) Trading Up 3.9% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s share price shot up 3.9% during mid-day trading on Monday . The stock traded as high as $4.99 and last traded at $4.9550. 29,964,934 shares were traded during mid-day trading, a decline of 21% from the average daily volume of 37,933,492 shares. The stock had previously closed at $4.77.

Wall Street Analysts Forecast Growth

ACHR has been the subject of several analyst reports. Canaccord Genuity Group decreased their price objective on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, May 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research note on Friday, July 17th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $11.83.

Archer Aviation Stock Performance

The firm has a market capitalization of $3.76 billion, a P/E ratio of -4.50 and a beta of 3.19. The company has a debt-to-equity ratio of 0.06, a current ratio of 18.06 and a quick ratio of 18.06. The firm has a 50-day moving average price of $5.45 and a two-hundred day moving average price of $6.26.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The firm had revenue of $1.60 million for the quarter, compared to analysts’ expectations of $1.66 million. During the same quarter in the previous year, the firm posted ($0.17) EPS. On average, analysts forecast that Archer Aviation Inc. will post -1.4 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In other news, CFO Priya Gupta sold 9,860 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $58,667.00. Following the transaction, the chief financial officer directly owned 189,050 shares of the company’s stock, valued at approximately $1,124,847.50. This trade represents a 4.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Harsh Rungta sold 12,414 shares of Archer Aviation stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $73,863.30. Following the sale, the chief accounting officer directly owned 87,210 shares of the company’s stock, valued at $518,899.50. This represents a 12.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 250,743 shares of company stock valued at $1,497,672. 5.55% of the stock is owned by insiders.

Institutional Investors Weigh In On Archer Aviation

Hedge funds have recently made changes to their positions in the company. Handelsbanken Fonder AB grew its position in shares of Archer Aviation by 41.5% during the 2nd quarter. Handelsbanken Fonder AB now owns 227,400 shares of the company’s stock worth $1,076,000 after buying an additional 66,700 shares in the last quarter. Wealthcare Advisory Partners LLC lifted its stake in Archer Aviation by 22.9% in the second quarter. Wealthcare Advisory Partners LLC now owns 13,126 shares of the company’s stock worth $62,000 after acquiring an additional 2,447 shares during the period. Focus Financial Network Inc. lifted its stake in Archer Aviation by 20.0% in the second quarter. Focus Financial Network Inc. now owns 16,890 shares of the company’s stock worth $80,000 after acquiring an additional 2,820 shares during the period. CoreCap Advisors LLC grew its holdings in Archer Aviation by 97.6% during the 2nd quarter. CoreCap Advisors LLC now owns 13,706 shares of the company’s stock worth $65,000 after acquiring an additional 6,771 shares in the last quarter. Finally, Western Wealth Management LLC grew its holdings in Archer Aviation by 22.0% during the 1st quarter. Western Wealth Management LLC now owns 22,962 shares of the company’s stock worth $119,000 after acquiring an additional 4,144 shares in the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.