Archer Aviation (NYSE:ACHR) Trading Up 1.8% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) traded up 1.8% on Friday . The stock traded as high as $9.40 and last traded at $9.26. 8,338,325 shares traded hands during trading, a decline of 75% from the average session volume of 32,722,143 shares. The stock had previously closed at $9.09.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ACHR. Needham & Company LLC restated a “buy” rating and issued a $11.00 target price on shares of Archer Aviation in a research note on Thursday. Cantor Fitzgerald boosted their price objective on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Canaccord Genuity Group increased their target price on shares of Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. HC Wainwright reissued a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a research report on Monday, December 16th. 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 report on Friday, December 13th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $11.38.

Archer Aviation Stock Performance

The stock has a market cap of $3.80 billion, a P/E ratio of -6.77 and a beta of 3.15. 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 50 day simple moving average of $8.08 and a 200-day simple moving average of $5.17.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter in the prior year, the firm earned ($0.19) EPS. On average, equities analysts expect that Archer Aviation Inc. will post -1.33 earnings per share for the current fiscal year.

Insider Activity

In other Archer Aviation news, CTO Thomas Paul Muniz sold 50,000 shares of the 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 completion of the sale, the chief technology officer now owns 1,070,360 shares in the company, valued at approximately $12,844,320. This trade represents a 4.46 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Adam D. Goldstein sold 805,170 shares of the company’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the completion of the sale, the chief executive officer now directly owns 4,197,136 shares in the company, valued at $19,432,739.68. This 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 purchased 776,791 shares of company stock valued at $5,139,699 and sold 1,862,899 shares valued at $12,201,707. 9.75% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Archer Aviation

Large investors have recently made changes to their positions in the business. HBK Investments L P purchased a new position in shares of Archer Aviation during the 3rd quarter worth $6,818,000. Sora Investors LLC purchased a new position in shares of Archer Aviation during the 3rd quarter valued at about $3,429,000. Yarbrough Capital LLC bought a new position in shares of Archer Aviation in the fourth quarter worth approximately $6,039,000. Stifel Financial Corp boosted its stake in shares of Archer Aviation by 574.5% in the third quarter. Stifel Financial Corp now owns 459,171 shares of the company’s stock worth $1,391,000 after acquiring an additional 391,092 shares during the period. Finally, Barclays PLC raised its position in shares of Archer Aviation by 272.7% during the third quarter. Barclays PLC now owns 427,023 shares of the company’s stock valued at $1,294,000 after buying an additional 312,440 shares during the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.