Archer Aviation (NYSE:ACHR) Shares Up 8.9% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR)’s share price was up 8.9% on Monday. The company traded as high as $4.98 and last traded at $4.8350. 38,413,775 shares changed hands during mid-day trading, an increase of 11% from the average daily volume of 34,590,707 shares. The stock had previously closed at $4.44.

Archer Aviation News Roundup

Investors following ACHR have been watching these news items:

• Positive Sentiment: ARK Invest bought about $6.3 million of Archer shares after the earnings report, signaling confidence in the company’s eVTOL opportunity and certification progress. Article: Cathie Wood Just Bought $6.3 Million of Archer Aviation Stock
• Positive Sentiment: Canaccord maintained a Buy rating despite reducing its target to $9.50. Other analysts also retained positive ratings, though their targets were cut. Canaccord Genuity Group rating
• Negative Sentiment: Analysts trimmed targets: Cantor to $10, Needham to $7, and Canaccord to $9.50. H.C. Wainwright kept its $18 target, but the reductions suggest caution about execution, commercialization timing, and financial losses. Article: Wall Street sees 282% upside for Archer stock, but cuts targets

Analysts Set New Price Targets

Several research analysts recently commented on the company. Needham & Company LLC dropped their price target on Archer Aviation from $9.00 to $7.00 and set a “buy” rating for the company in a research report on Tuesday. Wells Fargo & Company set a $18.00 price objective on Archer Aviation in a research report on Tuesday, August 11th. UBS Group reaffirmed an “overweight” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Cantor Fitzgerald dropped their target price on Archer Aviation from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, Barclays raised Archer Aviation from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $4.50 to $8.00 in a research report on Friday, October 9th. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $10.58.

Archer Aviation Stock Up 3.4%

The firm has a market cap of $3.75 billion, a PE ratio of -3.96 and a beta of 3.59. The company has a 50-day simple moving average of $4.83 and a 200-day simple moving average of $5.69. The company has a debt-to-equity ratio of 0.06, a current ratio of 10.21 and a quick ratio of 10.21.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Monday, November 9th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.01). The business had revenue of $5.10 million during the quarter, compared to analysts’ expectations of $3.57 million. Archer Aviation had a negative return on equity of 44.78% and a negative net margin of 7,869.17%. During the same quarter in the previous year, the company posted ($0.20) earnings per share. Analysts expect that Archer Aviation Inc. will post -1.37 earnings per share for the current fiscal year.

Insider Activity at Archer Aviation

In other Archer Aviation news, insider Eric Lentell sold 100,000 shares of the business’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $6.31, for a total value of $631,000.00. Following the completion of the sale, the insider directly owned 85,011 shares of the company’s stock, valued at $536,419.41. The trade was a 54.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Harsh Rungta sold 13,880 shares of the company’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.41, for a total transaction of $88,970.80. Following the completion of the transaction, the chief accounting officer owned 110,847 shares in the company, valued at $710,529.27. This represents a 11.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 176,657 shares of company stock worth $1,122,371 in the last 90 days. 5.55% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Archer Aviation

Institutional investors and hedge funds have recently bought and sold shares of the company. Voya Investment Management LLC boosted its position in Archer Aviation by 48.2% during the 3rd quarter. Voya Investment Management LLC now owns 10,118,847 shares of the company’s stock valued at $50,291,000 after acquiring an additional 3,289,910 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Archer Aviation by 7.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 8,072,347 shares of the company’s stock valued at $40,120,000 after buying an additional 549,998 shares in the last quarter. Renaissance Technologies LLC raised its stake in Archer Aviation by 703.3% in the first quarter. Renaissance Technologies LLC now owns 2,514,300 shares of the company’s stock valued at $12,999,000 after buying an additional 2,201,300 shares during the last quarter. Bank of America Corp DE raised its stake in Archer Aviation by 33.2% in the first quarter. Bank of America Corp DE now owns 2,136,942 shares of the company’s stock valued at $11,048,000 after buying an additional 532,762 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in Archer Aviation in the second quarter worth about $10,190,000. 59.34% of the stock is owned by institutional investors.

About Archer Aviation

Archer Aviation is an aerospace company based in San Jose, California, that develops electric vertical takeoff and landing (eVTOL) aircraft and related services. Its aircraft are designed for short passenger trips, including potential air taxi routes between urban areas and nearby airports. The company’s primary aircraft is Midnight, a piloted eVTOL designed to carry four passengers and a pilot. Archer is working to bring the aircraft to commercial service, subject to regulatory approvals, and is pursuing operations in the United States and international markets.