Archer Aviation (NYSE:ACHR) Shares Gap Up on Analyst Upgrade

Archer Aviation Inc. (NYSE:ACHR) shares gapped up before the market opened on Monday after HC Wainwright raised their price target on the stock from $12.00 to $18.00. The stock had previously closed at $10.19, but opened at $11.43. HC Wainwright currently has a buy rating on the stock. Archer Aviation shares last traded at $10.97, with a volume of 23,156,198 shares trading hands.

Several other equities analysts have also recently issued reports on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $13.00 target price on shares of Archer Aviation in a research note on Friday, May 16th. Needham & Company LLC restated a “buy” rating and set a $13.00 target price on shares of Archer Aviation in a research note on Tuesday, May 13th. Canaccord Genuity Group raised their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research note on Friday, February 28th. Finally, Raymond James raised their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.19.

Insiders Place Their Bets

In other news, CFO Mark Mesler sold 34,498 shares of the company’s stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $242,865.92. Following the transaction, the chief financial officer now owns 659,357 shares in the company, valued at $4,641,873.28. This represents a 4.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Thomas Paul Muniz sold 80,919 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $12.99, for a total value of $1,051,137.81. Following the completion of the sale, the chief technology officer now owns 1,253,294 shares in the company, valued at approximately $16,280,289.06. This represents a 6.06% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 451,859 shares of company stock worth $4,627,418. 7.65% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Archer Aviation

Hedge funds have recently bought and sold shares of the stock. Allworth Financial LP raised its stake in shares of Archer Aviation by 87.0% during the 1st quarter. Allworth Financial LP now owns 3,577 shares of the company’s stock worth $25,000 after buying an additional 1,664 shares during the period. Sunbelt Securities Inc. acquired a new stake in shares of Archer Aviation in the 4th quarter worth $27,000. Strs Ohio acquired a new stake in shares of Archer Aviation in the 1st quarter worth $27,000. Tidemark LLC grew its holdings in shares of Archer Aviation by 100.0% during the 1st quarter. Tidemark LLC now owns 4,000 shares of the company’s stock worth $28,000 after purchasing an additional 2,000 shares during the period. Finally, Conquis Financial LLC purchased a new position in shares of Archer Aviation during the 4th quarter worth $29,000. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Archer Aviation Trading Up 12.5%

The business has a fifty day moving average price of $8.90 and a two-hundred day moving average price of $8.83. The firm has a market capitalization of $6.30 billion, a PE ratio of -8.74 and a beta of 3.13. 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 issued its quarterly earnings results on Monday, May 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.04. Analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

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.