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

Archer Aviation Inc. (NYSE:ACHR) shares shot up 3.9% on Monday . The stock traded as high as $7.47 and last traded at $7.46. 33,840,255 shares traded hands during mid-day trading, a decline of 15% from the average session volume of 39,659,754 shares. The stock had previously closed at $7.18.

Analyst Ratings Changes

Several brokerages recently issued reports on ACHR. Cantor Fitzgerald reissued an “overweight” rating on shares of Archer Aviation in a report on Monday. JPMorgan Chase & Co. dropped their price objective on shares of Archer Aviation from $10.00 to $8.00 and set a “neutral” rating for the company in a report on Friday, November 7th. HC Wainwright reissued a “buy” rating and issued a $18.00 target price on shares of Archer Aviation in a report on Tuesday, August 12th. Needham & Company LLC decreased their price target on Archer Aviation from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, November 7th. Finally, Canaccord Genuity Group raised their price target on Archer Aviation from $12.00 to $13.00 and gave the company a “buy” rating in a report on Friday. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Archer Aviation currently has an average rating of “Moderate Buy” and a consensus target price of $12.71.

Archer Aviation Stock Performance

The stock’s 50 day simple moving average is $10.12 and its two-hundred day simple moving average is $10.19. The company has a market capitalization of $4.86 billion, a P/E ratio of -5.92 and a beta of 3.07. The company has a debt-to-equity ratio of 0.05, a current ratio of 18.19 and a quick ratio of 18.19.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.20) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.20). As a group, research analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Transactions at Archer Aviation

In other news, CFO Priya Gupta sold 5,479 shares of the company’s stock in a transaction on Monday, November 17th. The stock was sold at an average price of $7.49, for a total transaction of $41,037.71. Following the transaction, the chief financial officer owned 161,523 shares of the company’s stock, valued at $1,209,807.27. This represents a 3.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Eric Lentell sold 41,490 shares of Archer Aviation stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $7.49, for a total value of $310,760.10. Following the completion of the sale, the insider owned 83,733 shares of the company’s stock, valued at approximately $627,160.17. The trade was a 33.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 182,635 shares of company stock worth $1,367,936. Insiders own 7.65% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Several large investors have recently bought and sold shares of ACHR. Vanguard Group Inc. grew its holdings in Archer Aviation by 45.8% during the 3rd quarter. Vanguard Group Inc. now owns 52,363,259 shares of the company’s stock worth $501,640,000 after acquiring an additional 16,452,398 shares during the period. ARK Investment Management LLC grew its stake in shares of Archer Aviation by 5.8% during the third quarter. ARK Investment Management LLC now owns 31,301,449 shares of the company’s stock worth $299,868,000 after purchasing an additional 1,715,945 shares during the period. Geode Capital Management LLC grew its stake in shares of Archer Aviation by 44.1% during the second quarter. Geode Capital Management LLC now owns 11,991,714 shares of the company’s stock worth $130,125,000 after purchasing an additional 3,671,753 shares during the period. Alpine Global Management LLC increased its holdings in Archer Aviation by 16.7% in the first quarter. Alpine Global Management LLC now owns 4,301,402 shares of the company’s stock valued at $30,583,000 after purchasing an additional 615,481 shares during the last quarter. Finally, Man Group plc lifted its stake in Archer Aviation by 13,793.3% in the second quarter. Man Group plc now owns 4,212,722 shares of the company’s stock valued at $45,708,000 after buying an additional 4,182,400 shares during the period. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.