Archer Aviation (NYSE:ACHR) Shares Up 1% – Here’s What Happened

Shares of Archer Aviation Inc. (NYSE:ACHR) rose 1% during trading on Thursday . The company traded as high as $9.61 and last traded at $8.88. Approximately 12,904,074 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 33,870,820 shares. The stock had previously closed at $8.79.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on ACHR shares. Canaccord Genuity Group upped their price objective on shares of Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Cantor Fitzgerald boosted their price objective on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft increased their target price on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. JPMorgan Chase & Co. downgraded Archer Aviation from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Finally, HC Wainwright reiterated a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research report on Monday, December 16th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.38.

Archer Aviation Trading Up 3.9 %

The firm’s fifty day simple moving average is $7.96 and its 200-day simple moving average is $5.14. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The stock has a market cap of $3.88 billion, a P/E ratio of -6.92 and a beta of 3.15.

Archer Aviation (NYSE:ACHR) last released its earnings results 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 last year, the business posted ($0.19) EPS. Equities research analysts expect that Archer Aviation Inc. will post -1.33 EPS for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In related news, CEO Adam D. Goldstein sold 805,170 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was 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 directly owns 4,197,136 shares of the company’s stock, valued at approximately $19,432,739.68. This represents a 16.10 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Deborah Diaz acquired 5,150 shares of Archer Aviation stock in a transaction on Monday, November 25th. The stock was purchased at an average cost of $7.48 per share, with a total value of $38,522.00. Following the purchase, the director now directly owns 98,886 shares of the company’s stock, valued at approximately $739,667.28. This trade represents a 5.49 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 776,791 shares of company stock valued at $5,139,699 and have sold 1,862,899 shares valued at $12,201,707. Insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

A number of large investors have recently bought and sold shares of ACHR. Rhumbline Advisers grew its position in shares of Archer Aviation by 29.3% in the second quarter. Rhumbline Advisers now owns 311,852 shares of the company’s stock valued at $1,098,000 after purchasing an additional 70,575 shares in the last quarter. Arizona State Retirement System grew its holdings in Archer Aviation by 13.7% during the 2nd quarter. Arizona State Retirement System now owns 59,593 shares of the company’s stock valued at $210,000 after buying an additional 7,184 shares in the last quarter. Choreo LLC bought a new stake in shares of Archer Aviation during the second quarter valued at about $49,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of Archer Aviation in the second quarter worth about $114,000. Finally, Blair William & Co. IL grew its stake in Archer Aviation by 55.9% during the second quarter. Blair William & Co. IL now owns 89,834 shares of the company’s stock valued at $316,000 after acquiring an additional 32,204 shares in the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.