Archer Aviation (NYSE:ACHR) Stock Price Up 10.3% on Strong Earnings

Shares of Archer Aviation Inc. (NYSE:ACHR) shot up 10.3% during trading on Friday following a stronger than expected earnings report. The stock traded as high as $8.76 and last traded at $8.73. 24,637,920 shares changed hands during mid-day trading, a decline of 25% from the average session 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 the consensus estimate of ($0.40) by $0.10.

Analyst Ratings Changes

Several research firms recently commented on ACHR. Canaccord Genuity Group boosted their target price on Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research report on Friday. Raymond James boosted their price objective on Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Friday, February 21st. HC Wainwright reaffirmed a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a research note on Friday. Needham & Company LLC lifted their target price on shares of Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Friday. Finally, Cantor Fitzgerald increased their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $11.61.

Insider Activity

In other news, CTO Thomas Paul Muniz sold 50,000 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $9.00, for a total value of $450,000.00. Following the completion of the sale, the chief technology officer now owns 1,120,360 shares of the company’s stock, valued at approximately $10,083,240. The trade was a 4.27 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Tosha Perkins sold 150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $6.40, for a total value of $960,000.00. Following the transaction, the insider now owns 197,355 shares in the company, valued at approximately $1,263,072. The trade was a 43.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,057,729 shares of company stock valued at $8,473,770. Corporate insiders own 9.75% of the company’s stock.

Institutional Inflows and Outflows

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

Archer Aviation Price Performance

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 business has a 50-day simple moving average of $9.60 and a 200 day simple moving average of $6.20. The firm has a market cap 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.