Archer Aviation (NYSE:ACHR) Trading 6.9% Higher – Here’s What Happened

Shares of Archer Aviation Inc. (NYSE:ACHR) were up 6.9% during trading on Friday . The stock traded as high as $5.60 and last traded at $5.5920. 33,947,150 shares changed hands during mid-day trading, a decline of 9% from the average daily volume of 37,352,359 shares. The stock had previously closed at $5.23.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ACHR. Canaccord Genuity Group decreased their price target 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 report on Friday, July 17th. Finally, Barclays upgraded shares of Archer Aviation to a “hold” rating in a research note on Wednesday, July 29th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $11.83.

Archer Aviation Price Performance

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 company has a 50 day moving average price of $5.21 and a 200 day moving average price of $6.02. The firm has a market cap of $4.25 billion, a PE ratio of -5.08 and a beta of 3.20.

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

Insider Activity

In related news, insider Eric Lentell sold 48,169 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $286,605.55. Following the completion of the transaction, the insider directly owned 141,084 shares of the company’s stock, valued at $839,449.80. This represents a 25.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 9,860 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $58,667.00. Following the completion of the sale, the chief financial officer owned 189,050 shares of the company’s stock, valued at approximately $1,124,847.50. The trade was a 4.96% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 250,743 shares of company stock worth $1,497,672 in the last ninety days. 5.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Archer Aviation

Large investors have recently modified their holdings of the business. Gould Capital LLC lifted its holdings in shares of Archer Aviation by 238.1% in the 4th quarter. Gould Capital LLC now owns 3,560 shares of the company’s stock valued at $27,000 after buying an additional 2,507 shares during the period. Strs Ohio purchased a new stake in shares of Archer Aviation in the first quarter valued at approximately $27,000. Caitong International Asset Management Co. Ltd grew its holdings in Archer Aviation by 840.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company’s stock worth $28,000 after acquiring an additional 3,335 shares during the period. Modus Advisors LLC acquired a new position in Archer Aviation during the fourth quarter worth $29,000. Finally, Basepoint Wealth LLC purchased a new position in Archer Aviation in the fourth quarter worth $32,000. 59.34% of the stock is owned by hedge funds and other institutional investors.

About Archer Aviation

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.