Archer Aviation (NYSE:ACHR) Trading 10.3% Higher After Strong Earnings

Archer Aviation Inc. (NYSE:ACHR) rose 10.3% during trading on Friday following a better than expected earnings announcement. The company traded as high as $8.76 and last traded at $8.73. Approximately 24,637,920 shares changed hands during trading, a decline of 25% from the average daily volume of 32,738,414 shares. The stock had previously closed at $7.92.

The company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.10.

Analyst Ratings Changes

A number of research firms have recently weighed in on ACHR. HC Wainwright reissued a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a research report on Friday. Cantor Fitzgerald raised their target price on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Needham & Company LLC upped their target price on shares of Archer Aviation from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday. Canaccord Genuity Group boosted their price target on Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a research note on Friday. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Archer Aviation has a consensus rating of “Moderate Buy” and an average target price of $11.61.

Insider Transactions at Archer Aviation

In related news, major shareholder N.V. Stellantis purchased 751,879 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were purchased at an average price of $6.65 per share, with a total value of $4,999,995.35. Following the completion of the purchase, the insider now owns 60,486,841 shares in the company, valued at $402,237,492.65. This represents a 1.26 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Thomas Paul Muniz sold 50,000 shares of Archer Aviation stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total transaction of $600,000.00. Following the completion of the sale, the chief technology officer now owns 1,070,360 shares of the company’s stock, valued at approximately $12,844,320. The trade was a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,057,729 shares of company stock valued at $8,473,770. Corporate insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

A number of institutional investors and hedge funds have recently modified their holdings of the business. ARK Investment Management LLC grew its stake in Archer Aviation by 27.1% in the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock worth $291,643,000 after acquiring an additional 6,371,647 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Archer Aviation by 21.4% during the 4th quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company’s stock worth $160,682,000 after acquiring an additional 2,908,859 shares in the last quarter. Geode Capital Management LLC grew its position in Archer Aviation by 14.2% in the 4th quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company’s stock valued at $56,908,000 after buying an additional 724,736 shares during the last quarter. Alyeska Investment Group L.P. increased its stake in shares of Archer Aviation by 158.3% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company’s stock worth $48,748,000 after purchasing an additional 3,064,280 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of Archer Aviation in the 4th quarter valued at about $42,709,000. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Stock Performance

The stock has a market capitalization of $3.69 billion, a P/E ratio of -6.62 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. The company has a fifty day moving average of $9.60 and a two-hundred day moving average of $6.20.

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.