Archer Aviation (NYSE:ACHR) Trading 6.7% Higher – What’s Next?

Archer Aviation Inc. (NYSE:ACHR) shares shot up 6.7% during trading on Friday . The stock traded as high as $7.78 and last traded at $7.73. 8,396,499 shares were traded during trading, a decline of 74% from the average session volume of 31,823,473 shares. The stock had previously closed at $7.25.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ACHR. Cantor Fitzgerald boosted their price target on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Canaccord Genuity Group boosted their price objective on Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research note on Friday, February 28th. JPMorgan Chase & Co. lowered Archer Aviation from an “overweight” rating to a “neutral” rating and boosted their price objective for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. HC Wainwright reissued a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a research note on Friday, February 28th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Archer Aviation has an average rating of “Moderate Buy” and a consensus target price of $11.61.

Archer Aviation Trading Up 8.6 %

The company has a 50 day moving average price of $9.01 and a 200 day moving average price of $6.52. The firm has a market cap of $4.27 billion, a price-to-earnings ratio of -5.97 and a beta of 3.14. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.10. On average, research analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Michael Spellacy sold 191,513 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $10.00, for a total transaction of $1,915,130.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 value of $600,000.00. Following the sale, the chief technology officer now owns 1,070,360 shares in the company, valued at approximately $12,844,320. This trade represents a 4.46 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 545,498 shares of company stock valued at $4,920,815. Corporate insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Large investors have recently bought and sold shares of the stock. Sunbelt Securities Inc. purchased a new stake in Archer Aviation during the 4th quarter worth about $27,000. Conquis Financial LLC purchased a new stake in Archer Aviation during the 4th quarter worth about $29,000. Harbour Investments Inc. increased its holdings in Archer Aviation by 54.7% during the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock worth $30,000 after purchasing an additional 1,095 shares during the period. Oarsman Capital Inc. increased its holdings in Archer Aviation by 471.7% during the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock worth $30,000 after purchasing an additional 2,547 shares during the period. Finally, Anchor Investment Management LLC increased its holdings in Archer Aviation by 58.3% during the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock worth $32,000 after purchasing an additional 1,224 shares during the period. Hedge funds and other 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.