Archer Aviation (NYSE:ACHR) Stock Price Up 1.3% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s share price shot up 1.3% during trading on Wednesday . The company traded as high as $10.02 and last traded at $9.83. Approximately 12,185,799 shares were traded during trading, a decline of 63% from the average daily volume of 32,602,387 shares. The stock had previously closed at $9.70.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft lifted their target price on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. HC Wainwright reiterated a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a report on Monday, December 16th. Canaccord Genuity Group increased their target price on Archer Aviation from $11.00 to $14.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Cantor Fitzgerald upped their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Finally, JPMorgan Chase & Co. downgraded Archer Aviation from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $6.00 to $9.00 in a report on Friday, January 10th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $11.38.

Archer Aviation Trading Up 0.3 %

The firm has a market cap of $4.14 billion, a price-to-earnings ratio of -7.37 and a beta of 3.15. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The firm’s 50-day moving average is $8.36 and its 200-day moving average is $5.29.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period in the previous year, the firm earned ($0.19) EPS. As a group, sell-side analysts anticipate that Archer Aviation Inc. will post -1.31 EPS for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In related news, CEO Adam D. Goldstein sold 805,170 shares of Archer Aviation stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total value of $3,727,937.10. Following the sale, the chief executive officer now owns 4,197,136 shares of the company’s stock, valued at approximately $19,432,739.68. The trade was a 16.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Tosha Perkins sold 150,000 shares of Archer Aviation stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $6.40, for a total transaction of $960,000.00. Following the completion of the transaction, the insider now owns 197,355 shares of the company’s stock, valued at $1,263,072. The trade was a 43.18 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders bought 776,791 shares of company stock worth $5,139,699 and sold 1,862,899 shares worth $12,201,707. Company insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Blair William & Co. IL increased its holdings in Archer Aviation by 55.9% in the 2nd quarter. Blair William & Co. IL now owns 89,834 shares of the company’s stock worth $316,000 after buying an additional 32,204 shares during the period. Hsbc Holdings PLC grew its holdings in Archer Aviation by 14.8% during the 2nd quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock valued at $89,000 after buying an additional 3,341 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its position in Archer Aviation by 5,615.6% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 121,857 shares of the company’s stock worth $429,000 after purchasing an additional 119,725 shares in the last quarter. Ensign Peak Advisors Inc increased its position in shares of Archer Aviation by 47.5% in the 2nd quarter. Ensign Peak Advisors Inc now owns 158,792 shares of the company’s stock worth $559,000 after purchasing an additional 51,100 shares during the last quarter. Finally, DRW Securities LLC acquired a new position in shares of Archer Aviation in the 2nd quarter valued at $68,000. Institutional investors own 59.34% of the company’s stock.

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.