Archer Aviation (NYSE:ACHR) Shares Up 3.5% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s stock price traded up 3.5% on Thursday . The company traded as high as $5.46 and last traded at $5.4040. Approximately 25,485,904 shares changed hands during mid-day trading, a decline of 31% from the average daily volume of 36,824,844 shares. The stock had previously closed at $5.22.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ACHR. Cantor Fitzgerald reissued an “overweight” rating and set a $11.00 target price on shares of Archer Aviation in a report on Tuesday, August 11th. UBS Group reaffirmed an “overweight” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. HC Wainwright reaffirmed a “buy” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. Wells Fargo & Company set a $18.00 price objective on Archer Aviation in a research note on Tuesday, August 11th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a report on Friday, July 17th. Five analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $11.50.

Archer Aviation Stock Up 3.5%

The company has a debt-to-equity ratio of 0.06, a quick ratio of 10.21 and a current ratio of 10.21. The firm has a market cap of $4.16 billion, a price-to-earnings ratio of -5.00 and a beta of 3.23. The business’s 50 day moving average price is $5.50 and its 200 day moving average price is $5.71.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Monday, August 10th. The company reported ($0.34) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.34). The firm had revenue of $5.00 million during the quarter, compared to analyst estimates of $1.94 million. On average, equities analysts forecast that Archer Aviation Inc. will post -1.37 EPS for the current year.

Insider Transactions at Archer Aviation

In related news, CFO Priya Gupta sold 10,015 shares of Archer Aviation stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.41, for a total value of $64,196.15. Following the completion of the transaction, the chief financial officer owned 202,784 shares in the company, valued at $1,299,845.44. The trade was a 4.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 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 value of $88,970.80. Following the completion of the transaction, the chief accounting officer directly owned 110,847 shares of the company’s stock, valued at $710,529.27. The trade was a 11.13% decrease in their position. 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 have sold a total of 176,657 shares of company stock valued at $1,122,371 in the last ninety days. 5.55% of the stock is currently owned by corporate insiders.

Institutional Trading of Archer Aviation

Institutional investors and hedge funds have recently made changes to their positions in the business. Gould Capital LLC boosted its holdings in Archer Aviation by 238.1% in the 4th quarter. Gould Capital LLC now owns 3,560 shares of the company’s stock worth $27,000 after buying an additional 2,507 shares during the last quarter. Modus Advisors LLC acquired a new stake in shares of Archer Aviation in the fourth quarter worth approximately $29,000. Basepoint Wealth LLC purchased a new stake in shares of Archer Aviation during the fourth quarter worth approximately $32,000. Caitong International Asset Management Co. Ltd raised its stake in Archer Aviation by 979.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,285 shares of the company’s stock valued at $32,000 after purchasing an additional 3,888 shares during the last quarter. Finally, Larson Financial Group LLC raised its stake in Archer Aviation by 328.6% in the 4th quarter. Larson Financial Group LLC now owns 5,662 shares of the company’s stock valued at $43,000 after purchasing an additional 4,341 shares during the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

Archer Aviation Company Profile

Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its aircraft are designed to transport passengers over short distances using distributed electric propulsion, with the goal of providing quieter and potentially faster alternatives to traditional ground transportation in congested urban areas.

The company’s primary aircraft is Midnight, a piloted, four-passenger eVTOL aircraft intended for commercial air taxi operations.