Archer Aviation (NYSE:ACHR) Trading Up 3.7% on Earnings Beat

Archer Aviation Inc. (NYSE:ACHR)’s stock price was up 3.7% during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $8.64 and last traded at $8.51. Approximately 11,575,261 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 32,356,707 shares. The stock had previously closed at $8.21.

The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.10.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on ACHR shares. Needham & Company LLC increased their price target on Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Friday. Cantor Fitzgerald increased their price target on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft increased their price target on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Canaccord Genuity Group increased their price target on Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a research report on Friday. Finally, JPMorgan Chase & Co. lowered Archer Aviation from an “overweight” rating to a “neutral” rating and increased their price target for the company from $6.00 to $9.00 in a research report on Friday, January 10th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $11.61.

Insiders Place Their Bets

In other news, CTO Thomas Paul Muniz sold 50,000 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $9.00, for a total transaction of $450,000.00. Following the completion of the sale, the chief technology officer now directly owns 1,120,360 shares of the company’s stock, valued at $10,083,240. This trade represents a 4.27 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael Spellacy sold 191,513 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $10.00, for a total value of $1,915,130.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,057,729 shares of company stock worth $8,473,770. 9.75% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Miller Wealth Advisors LLC bought a new position in shares of Archer Aviation in the 3rd quarter valued at approximately $26,000. Sunbelt Securities Inc. bought a new position in shares of Archer Aviation in the 4th quarter valued at approximately $27,000. Conquis Financial LLC bought a new position in shares of Archer Aviation in the 4th quarter valued at approximately $29,000. Harbour Investments Inc. raised its stake in shares of Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after acquiring an additional 1,095 shares in the last quarter. Finally, Oarsman Capital Inc. raised its stake in shares of Archer Aviation by 471.7% in the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock valued at $30,000 after acquiring an additional 2,547 shares in the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

Archer Aviation Price Performance

The stock has a 50 day moving average of $9.59 and a two-hundred day moving average of $6.24. 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 firm has a market capitalization of $3.77 billion, a P/E ratio of -6.72 and a beta of 3.14.

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.