Archer Aviation (NYSE:ACHR) Stock Price Up 3.4% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR)’s share price traded up 3.4% during trading on Wednesday. The stock traded as high as $5.07 and last traded at $4.8680. Approximately 27,079,158 shares were traded during mid-day trading, a decline of 22% from the average daily volume of 34,593,637 shares. The stock had previously closed at $4.71.

Key Archer Aviation News

Here’s some of the latest news about ACHR:

• Positive Sentiment: Archer’s partnership with ITA Airways is intended to support electric air-taxi service in Italy, broadening its potential European market. Article: Can Archer’s ITA Airways Deal Expand Its European Air Taxi Market?
• Neutral Sentiment: Archer has made progress on its Midnight aircraft and reached an FAA milestone, but certification and commercialization still involve further hurdles. Strong liquidity provides a financial cushion as it works toward those goals. Article: Archer Aviation’s FAA certificate is a milestone, but it isn’t the final one
• Negative Sentiment: Third-quarter EPS missed estimates by a penny, despite revenue exceeding forecasts. Analysts’ subsequent price-target reductions weighed on sentiment; Canaccord maintained a Buy rating, illustrating mixed views. Archer shares are also down sharply over the past year. Article: Archer Aviation falls following two analyst ratings

Analyst Ratings Changes

ACHR has been the topic of several analyst reports. HC Wainwright reaffirmed a “buy” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. Canaccord Genuity Group dropped their price objective on Archer Aviation from $12.00 to $9.50 and set a “buy” rating on the stock in a research note on Wednesday. Wells Fargo & Company set a $18.00 target price on shares of Archer Aviation in a research note on Tuesday, August 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a report on Thursday, October 15th. Finally, Barclays upgraded shares of Archer Aviation from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $4.50 to $8.00 in a report on Friday, October 9th. Six 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 stock has an average rating of “Moderate Buy” and an average price target of $10.58.

Archer Aviation Trading Down 7.0%

The company has a market capitalization of $3.10 billion, a P/E ratio of -3.27 and a beta of 3.59. The company has a debt-to-equity ratio of 0.10, a current ratio of 8.02 and a quick ratio of 10.21. The firm has a fifty day moving average price of $4.79 and a 200-day moving average price of $5.65.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Monday, November 9th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). The business had revenue of $5.10 million for the quarter, compared to analysts’ expectations of $3.57 million. Archer Aviation had a negative net margin of 7,869.17% and a negative return on equity of 46.62%. During the same period in the previous year, the business posted ($0.20) earnings per share. On average, equities research analysts anticipate that Archer Aviation Inc. will post -1.37 earnings per share for the current year.

Insider Buying and Selling at Archer Aviation

In other news, CFO Priya Gupta sold 10,015 shares of Archer Aviation stock in a transaction on Monday, August 17th. The stock was sold at an average price of $6.41, for a total transaction of $64,196.15. Following the sale, the chief financial officer directly owned 202,784 shares in the company, valued at $1,299,845.44. The trade was a 4.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Harsh Rungta sold 13,880 shares of the business’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.41, for a total transaction of $88,970.80. Following the completion of the transaction, the chief accounting officer directly owned 110,847 shares in the company, valued at $710,529.27. This trade represents a 11.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 176,657 shares of company stock worth $1,122,371 in the last quarter. 5.55% of the stock is currently owned by company insiders.

Institutional Trading of Archer Aviation

Large investors have recently added to or reduced their stakes in the stock. Voya Investment Management LLC grew its position in shares of Archer Aviation by 48.2% during the 3rd quarter. Voya Investment Management LLC now owns 10,118,847 shares of the company’s stock valued at $50,291,000 after acquiring an additional 3,289,910 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Archer Aviation by 7.3% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 8,072,347 shares of the company’s stock worth $40,120,000 after purchasing an additional 549,998 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Archer Aviation by 703.3% in the 1st quarter. Renaissance Technologies LLC now owns 2,514,300 shares of the company’s stock worth $12,999,000 after purchasing an additional 2,201,300 shares during the period. Bank of New York Mellon Corp purchased a new position in Archer Aviation in the second quarter valued at approximately $10,190,000. Finally, Bank of America Corp DE lifted its stake in Archer Aviation by 33.2% in the first quarter. Bank of America Corp DE now owns 2,136,942 shares of the company’s stock valued at $11,048,000 after purchasing an additional 532,762 shares during the last quarter. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Archer Aviation Company Profile

Archer Aviation is an aerospace company based in San Jose, California, that develops electric vertical takeoff and landing (eVTOL) aircraft and related services. Its aircraft are designed for short passenger trips, including potential air taxi routes between urban areas and nearby airports. The company’s primary aircraft is Midnight, a piloted eVTOL designed to carry four passengers and a pilot. Archer is working to bring the aircraft to commercial service, subject to regulatory approvals, and is pursuing operations in the United States and international markets.