Archer Aviation (NYSE:ACHR) Stock Price Up 2% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s share price traded up 2% during trading on Friday . The company traded as high as $5.08 and last traded at $4.8880. Approximately 53,241,130 shares changed hands during trading, an increase of 38% from the average session volume of 38,563,781 shares. The stock had previously closed at $4.79.

Analysts Set New Price Targets

A number of brokerages recently commented on ACHR. Needham & Company LLC dropped their target price on Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research note on Monday, April 20th. Finally, Canaccord Genuity Group dropped their price objective on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Five equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.83.

Archer Aviation Trading Up 2.0%

The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.06. The firm has a market cap of $3.71 billion, a price-to-earnings ratio of -4.44 and a beta of 3.14. The company has a fifty day moving average price of $5.95 and a 200-day moving average price of $6.73.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The company had revenue of $1.60 million during the quarter, compared to the consensus estimate of $1.66 million. During the same period in the prior year, the company posted ($0.17) EPS. As a group, research analysts expect that Archer Aviation Inc. will post -1.47 EPS for the current year.

Insider Activity

In related news, insider Eric Lentell sold 48,169 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $286,605.55. Following the completion of the transaction, the insider directly owned 141,084 shares in the company, valued at $839,449.80. The trade was a 25.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 9,860 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $58,667.00. Following the sale, the chief financial officer directly owned 189,050 shares in the company, valued at $1,124,847.50. This trade represents a 4.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 250,743 shares of company stock valued at $1,497,672 in the last quarter. Company insiders own 5.55% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Hedge funds have recently modified their holdings of the company. Gould Capital LLC increased its stake in shares of Archer Aviation by 238.1% in the 4th quarter. Gould Capital LLC now owns 3,560 shares of the company’s stock valued at $27,000 after purchasing an additional 2,507 shares in the last quarter. Strs Ohio acquired a new stake in Archer Aviation in the first quarter valued at approximately $27,000. Caitong International Asset Management Co. Ltd grew its holdings in Archer Aviation by 840.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company’s stock valued at $28,000 after purchasing an additional 3,335 shares during the period. Modus Advisors LLC purchased a new stake in shares of Archer Aviation in the fourth quarter valued at approximately $29,000. Finally, Basepoint Wealth LLC purchased a new stake in shares of Archer Aviation in the fourth quarter valued at approximately $32,000. 59.34% of the stock is owned by hedge funds and other 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.