Archer Aviation (NYSE:ACHR) Sees Strong Trading Volume – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) saw unusually-strong trading volume on Monday . Approximately 15,168,450 shares changed hands during mid-day trading, an increase of 19% from the previous session’s volume of 12,798,991 shares.The stock last traded at $9.35 and had previously closed at $9.49.

Analyst Upgrades and Downgrades

ACHR has been the subject of a number of research analyst reports. Cantor Fitzgerald increased their target price 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. HC Wainwright restated a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a research note on Monday, December 16th. Deutsche Bank Aktiengesellschaft lifted their price target on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. Canaccord Genuity Group lifted their target price on shares of Archer Aviation from $8.50 to $11.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Finally, Needham & Company LLC began coverage on shares of Archer Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $11.00 price target on the stock. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Archer Aviation has an average rating of “Moderate Buy” and a consensus price target of $10.63.

Archer Aviation Stock Down 2.8 %

The stock has a 50-day moving average of $5.48 and a 200 day moving average of $4.30. 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 market cap of $3.92 billion, a P/E ratio of -6.98 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter in the previous year, the business posted ($0.19) EPS. Research analysts anticipate that Archer Aviation Inc. will post -1.28 earnings per share for the current year.

Insider Activity

In other 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 owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. This represents a 16.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael Spellacy sold 191,513 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were 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 three months, insiders have bought 776,791 shares of company stock valued at $5,139,699 and have sold 1,812,899 shares valued at $11,601,707. Insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

Several institutional investors and hedge funds have recently made changes to their positions in ACHR. Miller Wealth Advisors LLC purchased a new stake in shares of Archer Aviation during the 3rd quarter valued at $26,000. Hollencrest Capital Management raised its position in Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after acquiring an additional 3,000 shares during the period. Code Waechter LLC purchased a new position in Archer Aviation in the third quarter valued at about $30,000. Azzad Asset Management Inc. ADV bought a new position in shares of Archer Aviation during the 3rd quarter valued at approximately $31,000. Finally, Cyndeo Wealth Partners LLC purchased a new stake in shares of Archer Aviation during the 3rd quarter worth approximately $36,000. Hedge funds and other institutional investors own 59.34% of the company’s stock.

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.