Archer Aviation (NYSE:ACHR) Trading Up 5.9% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s stock price shot up 5.9% during trading on Tuesday . The company traded as high as $9.00 and last traded at $8.95. 120,746,296 shares were traded during trading, an increase of 214% from the average session volume of 38,457,371 shares. The stock had previously closed at $8.45.

Analyst Ratings Changes

ACHR has been the subject of a number of analyst reports. Canaccord Genuity Group reduced their price target on Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday. HC Wainwright reaffirmed a “buy” rating and set a $18.00 target price on shares of Archer Aviation in a research note on Tuesday, August 12th. 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 research report on Friday. Cantor Fitzgerald set a $13.00 price target on shares of Archer Aviation in a research note on Monday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research report on Wednesday, October 8th. Seven equities research analysts have rated the stock with a Buy rating, one has given 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 “Moderate Buy” and an average target price of $12.57.

Archer Aviation Stock Up 5.9%

The stock has a market capitalization of $5.77 billion, a price-to-earnings ratio of -7.10 and a beta of 3.07. The company has a quick ratio of 18.19, a current ratio of 18.19 and a debt-to-equity ratio of 0.05. The business’s 50-day moving average is $10.28 and its two-hundred day moving average is $10.25.

Archer Aviation (NYSE:ACHR) last released its earnings results on Thursday, November 6th. The company reported ($0.20) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.20). Equities analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Buying and Selling

In other Archer Aviation news, CFO Priya Gupta sold 10,224 shares of the business’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $100,501.92. Following the transaction, the chief financial officer owned 147,153 shares of the company’s stock, valued at approximately $1,446,513.99. The trade was a 6.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Tosha Perkins sold 42,775 shares of the firm’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $420,478.25. Following the completion of the sale, the insider directly owned 295,337 shares of the company’s stock, valued at $2,903,162.71. This trade represents a 12.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 188,068 shares of company stock worth $1,848,708. 7.65% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Archer Aviation

Institutional investors have recently bought and sold shares of the company. AlphaQuest LLC boosted its holdings in Archer Aviation by 1,181.6% in the 2nd quarter. AlphaQuest LLC now owns 2,576 shares of the company’s stock valued at $28,000 after purchasing an additional 2,375 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Archer Aviation by 219.5% during the 2nd quarter. GAMMA Investing LLC now owns 2,946 shares of the company’s stock valued at $32,000 after buying an additional 2,024 shares during the period. Johnson Investment Counsel Inc. acquired a new position in Archer Aviation in the third quarter valued at approximately $29,000. Bank of Jackson Hole Trust lifted its holdings in Archer Aviation by 45.9% in the third 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 during the last quarter. Finally, Geneos Wealth Management Inc. grew its position in 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 period. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.