Archer Aviation (NYSE:ACHR) Trading Up 19.6% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s stock price rose 19.6% on Friday . The company traded as high as $11.48 and last traded at $11.45. Approximately 26,582,879 shares were traded during trading, a decline of 8% from the average daily volume of 28,770,297 shares. The stock had previously closed at $9.57.

Wall Street Analyst Weigh In

Several research firms have weighed in on ACHR. Cantor Fitzgerald lifted their target price on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Canaccord Genuity Group increased their price target on Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Needham & Company LLC started coverage on shares of Archer Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price objective for the company. Deutsche Bank Aktiengesellschaft increased their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. Finally, HC Wainwright restated a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a report on Monday, December 16th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Archer Aviation presently has a consensus rating of “Moderate Buy” and an average price target of $10.63.

Archer Aviation Stock Performance

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 stock’s fifty day moving average is $6.76 and its two-hundred day moving average is $4.72. The firm has a market capitalization of $4.78 billion, a price-to-earnings ratio of -8.51 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the prior year, the business earned ($0.19) EPS. Analysts forecast that Archer Aviation Inc. will post -1.28 earnings per share for the current year.

Insider Activity

In other news, CEO Adam D. Goldstein sold 805,170 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. The trade was a 16.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder N.V. Stellantis acquired 751,879 shares of the company’s stock in a transaction dated Wednesday, December 11th. The stock was acquired at an average price of $6.65 per share, with a total value of $4,999,995.35. Following the purchase, the insider now owns 60,486,841 shares in the company, valued at approximately $402,237,492.65. This represents a 1.26 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 776,791 shares of company stock worth $5,139,699 and have sold 1,812,899 shares worth $11,601,707. 9.75% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors have recently added to or reduced their stakes in the company. Miller Wealth Advisors LLC acquired a new position in shares of Archer Aviation in the 3rd quarter valued at approximately $26,000. Code Waechter LLC acquired a new position in shares of Archer Aviation during the 3rd quarter worth $30,000. Azzad Asset Management Inc. ADV bought a new stake in shares of Archer Aviation during the 3rd quarter worth $31,000. Hollencrest Capital Management grew its position in Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after acquiring an additional 3,000 shares during the last quarter. Finally, Cyndeo Wealth Partners LLC acquired a new position in Archer Aviation during the 3rd quarter worth approximately $36,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

About Archer Aviation

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.