Archer Aviation (NYSE:ACHR) Trading 5.7% Higher – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) shares were up 5.7% on Friday . The stock traded as high as $10.48 and last traded at $10.45. Approximately 14,588,464 shares traded 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.

Wall Street Analyst Weigh In

Several research firms have issued reports on ACHR. Cantor Fitzgerald raised their price target on shares of 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 raised their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. lowered 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. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price target on shares of Archer Aviation in a research note on Thursday, January 16th. Finally, Canaccord Genuity Group increased their price objective on Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $11.38.

Archer Aviation Stock Up 5.0 %

The company has a market cap of $4.42 billion, a P/E ratio of -7.86 and a beta of 3.15. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The firm has a fifty day moving average price of $8.47 and a 200 day moving average price of $5.32.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period in the previous year, the company earned ($0.19) EPS. Equities research analysts forecast that Archer Aviation Inc. will post -1.31 earnings per share for the current year.

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, CEO Adam D. Goldstein sold 805,170 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were 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 in the company, valued at approximately $19,432,739.68. This represents a 16.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Thomas Paul Muniz sold 50,000 shares of Archer Aviation stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $12.00, for a total transaction of $600,000.00. Following the sale, the chief technology officer now directly owns 1,070,360 shares of the company’s stock, valued at $12,844,320. This represents a 4.46 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have bought 776,791 shares of company stock worth $5,139,699 and have sold 1,862,899 shares worth $12,201,707. Corporate 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 the business. Spire Wealth Management raised its holdings in Archer Aviation by 266.7% during the fourth quarter. Spire Wealth Management now owns 16,500 shares of the company’s stock worth $161,000 after acquiring an additional 12,000 shares in the last quarter. Dumont & Blake Investment Advisors LLC acquired a new position in shares of Archer Aviation during the 4th quarter worth approximately $160,000. PFG Investments LLC raised its stake in shares of Archer Aviation by 16.3% during the 4th quarter. PFG Investments LLC now owns 22,821 shares of the company’s stock worth $223,000 after purchasing an additional 3,192 shares in the last quarter. Aspiring Ventures LLC acquired a new stake in shares of Archer Aviation in the 4th quarter valued at approximately $133,000. Finally, SG Americas Securities LLC bought a new position in shares of Archer Aviation in the fourth quarter valued at $1,068,000. 59.34% of the stock is owned by institutional investors.

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.