Archer Aviation (NYSE:ACHR) Trading Up 5.7% – Here’s Why

Shares of Archer Aviation Inc. (NYSE:ACHR) rose 5.7% during trading on Friday . The company traded as high as $10.48 and last traded at $10.45. Approximately 14,588,464 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 31,694,111 shares. The stock had previously closed at $9.89.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ACHR shares. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price target on shares of Archer Aviation in a report on Thursday, January 16th. HC Wainwright reissued a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a report on Monday, December 16th. Deutsche Bank Aktiengesellschaft upped their target price on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, December 13th. JPMorgan Chase & Co. cut Archer Aviation from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $6.00 to $9.00 in a report on Friday, January 10th. Finally, Canaccord Genuity Group raised their price objective on shares of Archer Aviation from $11.00 to $14.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $11.38.

Archer Aviation Price Performance

The firm has a market cap of $4.23 billion, a price-to-earnings ratio of -7.54 and a beta of 3.15. 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 business’s 50-day simple moving average is $8.70 and its two-hundred day simple moving average is $5.40.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period last year, the company earned ($0.19) EPS. As a group, research analysts expect that Archer Aviation Inc. will post -1.31 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In other news, Director Deborah Diaz bought 5,150 shares of Archer Aviation stock in a transaction dated Monday, November 25th. The stock was bought at an average cost of $7.48 per share, for a total transaction of $38,522.00. Following the purchase, the director now directly owns 98,886 shares in the company, valued at approximately $739,667.28. This represents a 5.49 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Adam D. Goldstein bought 19,762 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was purchased at an average cost of $5.12 per share, with a total value of $101,181.44. Following the completion of the transaction, the chief executive officer now directly owns 2,014,890 shares in the company, valued at $10,316,236.80. This represents a 0.99 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 776,791 shares of company stock worth $5,139,699 and have sold 1,862,899 shares worth $12,201,707. 9.75% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Archer Aviation

Hedge funds have recently added to or reduced their stakes in the company. Hsbc Holdings PLC lifted its holdings in shares of Archer Aviation by 14.8% in the 2nd quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock worth $89,000 after purchasing an additional 3,341 shares in the last quarter. Ensign Peak Advisors Inc lifted its stake in shares of Archer Aviation by 47.5% in the second quarter. Ensign Peak Advisors Inc now owns 158,792 shares of the company’s stock valued at $559,000 after buying an additional 51,100 shares in the last quarter. Xponance Inc. acquired a new position in shares of Archer Aviation during the second quarter valued at about $51,000. The Manufacturers Life Insurance Company increased its position in shares of Archer Aviation by 42.6% during the second quarter. The Manufacturers Life Insurance Company now owns 120,870 shares of the company’s stock worth $425,000 after acquiring an additional 36,130 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of Archer Aviation during the second quarter worth about $62,000. Institutional investors and hedge funds 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.