Archer Aviation (NYSE:ACHR) Shares Up 1.2% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s share price traded up 1.2% on Thursday . The stock traded as high as $5.19 and last traded at $4.9770. 28,939,046 shares were traded during mid-day trading, a decline of 25% from the average session volume of 38,490,637 shares. The stock had previously closed at $4.92.

Analysts Set New Price Targets

A number of research firms have commented on ACHR. Canaccord Genuity Group reduced their target price on Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a report on Monday, April 20th. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $11.83.

Archer Aviation Stock Performance

The stock’s 50-day moving average price is $5.85 and its 200-day moving average price is $6.63. 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 company has a market capitalization of $3.78 billion, a P/E ratio of -4.52 and a beta of 3.19.

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

Insider Buying and Selling

In other Archer Aviation news, CAO Harsh Rungta sold 12,414 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $73,863.30. Following the sale, the chief accounting officer directly owned 87,210 shares in the company, valued at approximately $518,899.50. This trade represents a 12.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 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 business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $58,667.00. Following the transaction, the chief financial officer directly owned 189,050 shares of the company’s stock, valued at approximately $1,124,847.50. This trade represents a 4.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 250,743 shares of company stock valued at $1,497,672 over the last three months. 5.55% of the stock is owned by company insiders.

Institutional Trading of Archer Aviation

Hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC bought a new position in Archer Aviation in the 1st quarter worth about $293,000. Integrated Wealth Concepts LLC increased its stake in shares of Archer Aviation by 11.1% in the first quarter. Integrated Wealth Concepts LLC now owns 13,770 shares of the company’s stock valued at $98,000 after purchasing an additional 1,373 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Archer Aviation by 44.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 192,164 shares of the company’s stock valued at $1,366,000 after buying an additional 59,317 shares during the last quarter. NewEdge Advisors LLC raised its holdings in shares of Archer Aviation by 5.1% during the first quarter. NewEdge Advisors LLC now owns 35,739 shares of the company’s stock valued at $254,000 after buying an additional 1,738 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Archer Aviation by 51.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 844,017 shares of the company’s stock worth $6,001,000 after buying an additional 285,414 shares during the period. 59.34% of the stock is currently 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.