Archer Aviation (NYSE:ACHR) Issues Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Archer Aviation (NYSE:ACHR) announced its earnings results on Monday. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.04, Zacks reports.

Archer Aviation Stock Performance

ACHR stock traded up $0.27 during trading hours on Monday, reaching $9.08. The stock had a trading volume of 31,696,084 shares, compared to its average volume of 21,655,912. The stock has a market capitalization of $4.92 billion, a PE ratio of -6.88 and a beta of 3.13. 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 stock has a 50-day simple moving average of $7.74 and a 200 day simple moving average of $7.89. Archer Aviation has a fifty-two week low of $2.82 and a fifty-two week high of $12.48.

Analyst Ratings Changes

Several research analysts recently commented on ACHR shares. Needham & Company LLC restated a “buy” rating and set a $13.00 target price on shares of Archer Aviation in a report on Monday, April 21st. Canaccord Genuity Group increased their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a report on Friday, February 28th. Raymond James increased their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Friday, February 21st. Finally, HC Wainwright restated a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a report on Friday, February 28th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $11.61.

Insider Buying and Selling at Archer Aviation

In other news, insider Tosha Perkins sold 50,000 shares of the stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $8.47, for a total value of $423,500.00. Following the transaction, the insider now directly owns 212,673 shares of the company’s stock, valued at $1,801,340.31. This represents a 19.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Eric Lentell sold 43,230 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $332,871.00. Following the completion of the transaction, the general counsel now directly owns 53,225 shares in the company, valued at $409,832.50. The trade was a 44.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 474,780 shares of company stock worth $3,581,581 over the last quarter. 9.75% of the stock is currently owned by insiders.

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.