Archer Aviation (NYSE:ACHR) Shares Up 9.7% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s share price was up 9.7% during trading on Friday . The stock traded as high as $9.49 and last traded at $9.30. Approximately 16,147,600 shares changed hands during mid-day trading, a decline of 42% from the average daily volume of 28,016,475 shares. The stock had previously closed at $8.48.

Analysts Set New Price Targets

Several analysts recently issued reports on ACHR shares. JPMorgan Chase & Co. cut Archer Aviation from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $6.00 to $9.00 in a research report on Friday, January 10th. Needham & Company LLC reiterated a “buy” rating and set a $13.00 price objective on shares of Archer Aviation in a research report on Monday, April 21st. HC Wainwright reissued a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a report on Friday, February 28th. Raymond James lifted their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Friday, February 21st. Finally, Canaccord Genuity Group increased their price objective on shares of Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a report on Friday, February 28th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.61.

Archer Aviation Trading Up 9.3 %

The company has a 50-day moving average price of $7.70 and a two-hundred day moving average price of $7.67. The stock has a market cap of $5.03 billion, a P/E ratio of -7.02 and a beta of 3.16. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.10. On average, research analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, General Counsel Eric Lentell sold 43,230 shares of the firm’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $332,871.00. Following the transaction, the general counsel now directly owns 53,225 shares in the company, valued at $409,832.50. This trade represents a 44.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Tosha Perkins sold 33,335 shares of the company’s stock in a transaction on Monday, March 31st. The stock was sold at an average price of $7.04, for a total value of $234,678.40. Following the completion of the sale, the insider now owns 262,673 shares of the company’s stock, valued at $1,849,217.92. This represents a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 474,780 shares of company stock worth $3,581,581 over the last 90 days. Company 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 the company. Sunbelt Securities Inc. purchased a new position in Archer Aviation during the 4th quarter valued at about $27,000. Conquis Financial LLC purchased a new position in Archer Aviation during the fourth quarter valued at approximately $29,000. Oarsman Capital Inc. raised its stake in Archer Aviation by 471.7% in the fourth quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock worth $30,000 after buying an additional 2,547 shares in the last quarter. Harbour Investments Inc. lifted its holdings in Archer Aviation by 54.7% during the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock worth $30,000 after buying an additional 1,095 shares during the period. Finally, Anchor Investment Management LLC boosted its position in Archer Aviation by 58.3% during the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock valued at $32,000 after acquiring an additional 1,224 shares in the last quarter. 59.34% of the stock is currently 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.