Archer Aviation (NYSE:ACHR) Trading 7.3% Higher After Analyst Upgrade

Archer Aviation Inc. (NYSE:ACHR)’s share price rose 7.3% during mid-day trading on Friday after Canaccord Genuity Group raised their price target on the stock from $8.50 to $11.00. Canaccord Genuity Group currently has a buy rating on the stock. Archer Aviation traded as high as $8.44 and last traded at $7.69. Approximately 37,585,247 shares traded hands during mid-day trading, an increase of 226% from the average daily volume of 11,541,055 shares. The stock had previously closed at $7.17.

Several other equities research analysts have also recently issued reports on the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a report on Monday, October 7th. Needham & Company LLC started coverage on Archer Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price target for the company. Finally, HC Wainwright initiated coverage on shares of Archer Aviation in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price target on the stock. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $9.57.

Insider Activity

In other Archer Aviation news, Director Deborah Diaz bought 5,150 shares of Archer Aviation stock in a transaction on Monday, November 25th. The shares were bought at an average cost of $7.48 per share, for a total transaction of $38,522.00. Following the acquisition, the director now directly owns 98,886 shares in the company, valued at $739,667.28. This represents a 5.49 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Adam D. Goldstein sold 805,170 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the completion of the transaction, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at $19,432,739.68. This represents a 16.10 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,069,958 shares of company stock valued at $5,461,608. 9.75% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors and hedge funds have recently made changes to their positions in ACHR. Price T Rowe Associates Inc. MD raised its holdings in shares of Archer Aviation by 8.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 69,387 shares of the company’s stock valued at $321,000 after purchasing an additional 5,611 shares in the last quarter. Cetera Advisors LLC purchased a new stake in Archer Aviation during the first quarter worth approximately $80,000. CWM LLC boosted its holdings in Archer Aviation by 62.0% in the second quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after purchasing an additional 3,559 shares in the last quarter. Intellectus Partners LLC increased its stake in Archer Aviation by 136.1% in the second quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock valued at $3,187,000 after purchasing an additional 523,024 shares during the last quarter. Finally, Raymond James & Associates raised its holdings in Archer Aviation by 44.4% during the second quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock worth $2,201,000 after purchasing an additional 192,120 shares in the last quarter. 59.34% of the stock is owned by institutional investors and hedge funds.

Archer Aviation Stock Up 5.2 %

The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The firm’s 50-day moving average price is $4.78 and its two-hundred day moving average price is $4.05. The firm has a market cap of $3.21 billion, a PE ratio of -5.83 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the prior year, the business posted ($0.19) EPS. As a group, equities research analysts expect that Archer Aviation Inc. will post -1.28 EPS for the current fiscal year.

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.