Archer Aviation (NYSE:ACHR) Posts Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Archer Aviation (NYSE:ACHR) issued its quarterly earnings data on Thursday. The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.10, reports.

Archer Aviation Trading Up 11.5 %

Shares of NYSE ACHR traded up $0.91 during midday trading on Friday, hitting $8.83. The company’s stock had a trading volume of 44,098,862 shares, compared to its average volume of 33,250,172. Archer Aviation has a 12-month low of $2.82 and a 12-month high of $12.48. 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 has a market cap of $3.76 billion, a P/E ratio of -6.68 and a beta of 3.14. The business’s 50 day moving average is $9.60 and its two-hundred day moving average is $6.20.

Insider Activity at Archer Aviation

In other Archer Aviation news, major shareholder N.V. Stellantis bought 751,879 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was acquired at an average cost of $6.65 per share, for a total transaction of $4,999,995.35. Following the completion of the transaction, the insider now owns 60,486,841 shares in the company, valued at $402,237,492.65. This trade represents a 1.26 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Thomas Paul Muniz sold 50,000 shares of the company’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $12.00, for a total transaction of $600,000.00. Following the completion of the transaction, the chief technology officer now owns 1,070,360 shares in the company, valued at approximately $12,844,320. The trade was a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,057,729 shares of company stock worth $8,473,770 in the last quarter. 9.75% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ACHR shares. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $6.00 to $9.00 in a research report on Friday, January 10th. Needham & Company LLC raised their target price on Archer Aviation from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Friday. Canaccord Genuity Group boosted their price target on Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a report on Friday. HC Wainwright reissued a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $11.61.

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.