Archer Aviation (NYSE:ACHR) Trading Up 3.5% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s share price shot up 3.5% during trading on Friday . The company traded as high as $8.45 and last traded at $8.57. 6,207,984 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 18,801,783 shares. The stock had previously closed at $8.28.

Analysts Set New Price Targets

A number of brokerages have commented on ACHR. Needham & Company LLC boosted their target price on shares of Archer Aviation from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, February 28th. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from $6.00 to $9.00 in a report on Friday, January 10th. Canaccord Genuity Group boosted their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a report on Friday, February 28th. Raymond James boosted their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Friday, February 21st. Finally, Cantor Fitzgerald boosted their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $11.61.

Archer Aviation Trading Up 5.3 %

The company’s fifty day moving average price is $8.80 and its 200-day moving average price is $6.69. The stock has a market cap of $4.73 billion, a price-to-earnings ratio of -6.60 and a beta of 3.14. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

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

Insider Activity at Archer Aviation

In related news, CTO Thomas Paul Muniz sold 50,000 shares of the company’s stock in a transaction that occurred on 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 $12,844,320. This represents a 4.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Mesler sold 62,258 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $479,386.60. Following the completion of the sale, the chief financial officer now owns 630,243 shares in the company, valued at approximately $4,852,871.10. This represents a 8.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 303,985 shares of company stock worth $2,555,685 over the last quarter. Insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Several hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System boosted its position in Archer Aviation by 26.2% in the 4th quarter. California State Teachers Retirement System now owns 241,396 shares of the company’s stock worth $2,354,000 after purchasing an additional 50,104 shares in the last quarter. Total Wealth Planning & Management Inc. purchased a new stake in Archer Aviation in the 4th quarter worth approximately $450,000. Infinitum Asset Management LLC purchased a new stake in Archer Aviation in the 4th quarter worth approximately $10,844,000. Sunbelt Securities Inc. purchased a new stake in Archer Aviation in the 4th quarter worth approximately $27,000. Finally, PharVision Advisers LLC acquired a new position in shares of Archer Aviation during the 4th quarter worth approximately $187,000. Hedge funds and other institutional investors own 59.34% of the company’s stock.

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.