Archer Aviation (NYSE:ACHR) Stock Price Up 16.4% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) rose 16.4% on Tuesday . The company traded as high as $11.05 and last traded at $10.92. Approximately 28,716,142 shares changed hands during trading, an increase of 122% from the average daily volume of 12,927,041 shares. The stock had previously closed at $9.38.

Wall Street Analyst Weigh In

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

Archer Aviation Trading Up 15.4 %

The company’s 50 day moving average price is $5.60 and its 200 day moving average price is $4.34. The firm has a market cap of $4.60 billion, a PE ratio of -8.20 and a beta of 3.19. 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 posted its quarterly earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period last year, the business posted ($0.19) EPS. As a group, analysts forecast that Archer Aviation Inc. will post -1.28 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Thomas Paul Muniz sold 438,428 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $7.59, for a total value of $3,327,668.52. Following the transaction, the chief technology officer now owns 1,170,360 shares of the company’s stock, valued at $8,883,032.40. This represents a 27.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Adam D. Goldstein sold 805,170 shares of Archer Aviation stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total value of $3,727,937.10. Following the sale, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at $19,432,739.68. This trade represents a 16.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 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 owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

Several institutional investors have recently added to or reduced their stakes in the business. Raymond James & Associates increased its position in Archer Aviation by 44.4% during the second quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock worth $2,201,000 after buying an additional 192,120 shares during the period. Bank of New York Mellon Corp raised its position in Archer Aviation by 23.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after buying an additional 254,460 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new position in shares of Archer Aviation during the second quarter worth about $104,000. Principal Financial Group Inc. increased its stake in shares of Archer Aviation by 75.6% during the second quarter. Principal Financial Group Inc. now owns 31,064 shares of the company’s stock worth $109,000 after acquiring an additional 13,372 shares during the period. Finally, Rhumbline Advisers lifted its position in 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 during the period. Hedge funds and other institutional investors 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.