Archer Aviation (NYSE:ACHR) Stock Price Up 8.2% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s stock price rose 8.2% on Friday . The company traded as high as $8.16 and last traded at $8.1350. Approximately 44,495,741 shares traded hands during trading, an increase of 41% from the average daily volume of 31,631,958 shares. The stock had previously closed at $7.52.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Canaccord Genuity Group raised their price target on Archer Aviation from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, November 21st. The Goldman Sachs Group started coverage on shares of Archer Aviation in a research note on Monday, December 1st. They set a “neutral” rating and a $11.00 price objective on the stock. Needham & Company LLC decreased their target price on shares of Archer Aviation from $13.00 to $10.00 and set a “buy” rating on the stock in a report on Friday, November 7th. JPMorgan Chase & Co. dropped their target price on shares of Archer Aviation from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Friday, November 7th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research note on Wednesday, October 8th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Archer Aviation currently has an average rating of “Moderate Buy” and an average target price of $12.14.

Archer Aviation Price Performance

The company has a 50 day moving average price of $8.47 and a 200-day moving average price of $9.66. The company has a market cap of $5.30 billion, a price-to-earnings ratio of -6.46 and a beta of 3.10. The company has a quick ratio of 18.19, a current ratio of 18.19 and a debt-to-equity ratio of 0.05.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Thursday, November 6th. The company reported ($0.20) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.20). As a group, equities research analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Buying and Selling

In other Archer Aviation news, insider Eric Lentell sold 41,490 shares of the stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $7.49, for a total transaction of $310,760.10. Following the completion of the sale, the insider owned 83,733 shares of the company’s stock, valued at approximately $627,160.17. This represents a 33.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Tosha Perkins sold 45,018 shares of the stock in a transaction on Monday, November 17th. The stock was sold at an average price of $7.49, for a total transaction of $337,184.82. Following the sale, the insider owned 334,632 shares of the company’s stock, valued at approximately $2,506,393.68. This trade represents a 11.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 182,635 shares of company stock valued at $1,367,936 in the last ninety days. Insiders own 7.65% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Strs Ohio bought a new stake in shares of Archer Aviation during the 1st quarter valued at about $27,000. AlphaQuest LLC increased its holdings in Archer Aviation by 1,181.6% in the second quarter. AlphaQuest LLC now owns 2,576 shares of the company’s stock worth $28,000 after purchasing an additional 2,375 shares in the last quarter. Johnson Investment Counsel Inc. acquired a new position in Archer Aviation in the third quarter valued at approximately $29,000. Bank of Jackson Hole Trust boosted its holdings in shares of Archer Aviation by 45.9% during the 3rd quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock worth $30,000 after buying an additional 986 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Archer Aviation by 219.5% during the 2nd quarter. GAMMA Investing LLC now owns 2,946 shares of the company’s stock worth $32,000 after buying an additional 2,024 shares in the last quarter. 59.34% of the stock is owned by institutional investors.

Archer Aviation Company Profile

Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.