Archer Aviation (NYSE:ACHR) Shares Up 4.3% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) shot up 4.3% on Friday . The stock traded as high as $8.25 and last traded at $8.16. 31,086,073 shares were traded during trading, a decline of 21% from the average session volume of 39,532,246 shares. The stock had previously closed at $7.82.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. JPMorgan Chase & Co. decreased their price objective on Archer Aviation from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, November 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, October 8th. 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 target price on the stock. Canaccord Genuity Group upped their price target on shares of Archer Aviation from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, November 21st. Finally, Needham & Company LLC reduced their price objective on shares of Archer Aviation from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Friday, November 7th. Six 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. According to MarketBeat, Archer Aviation presently has a consensus rating of “Moderate Buy” and an average target price of $12.14.

Archer Aviation Price Performance

The firm has a 50-day moving average of $9.20 and a 200-day moving average of $9.83. The stock has a market cap of $5.31 billion, a PE ratio of -6.48 and a beta of 3.10. The company has a debt-to-equity ratio of 0.05, a current ratio of 18.19 and a quick ratio of 18.19.

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

Insider Activity at Archer Aviation

In related news, insider Tosha Perkins sold 45,018 shares of the company’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $7.49, for a total transaction of $337,184.82. Following the completion of the transaction, the insider owned 334,632 shares in the company, valued at approximately $2,506,393.68. This represents a 11.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Priya Gupta sold 5,479 shares of Archer Aviation stock in a transaction on Monday, November 17th. The shares were sold at an average price of $7.49, for a total transaction of $41,037.71. Following the completion of the sale, the chief financial officer owned 161,523 shares in the company, valued at approximately $1,209,807.27. This represents a 3.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 182,635 shares of company stock worth $1,367,936 in the last three months. Insiders own 7.65% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Archer Aviation by 45.8% during the third quarter. Vanguard Group Inc. now owns 52,363,259 shares of the company’s stock valued at $501,640,000 after buying an additional 16,452,398 shares during the last quarter. Man Group plc raised its holdings in shares of Archer Aviation by 13,793.3% during the 2nd quarter. Man Group plc now owns 4,212,722 shares of the company’s stock worth $45,708,000 after acquiring an additional 4,182,400 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Archer Aviation by 44.1% during the 2nd quarter. Geode Capital Management LLC now owns 11,991,714 shares of the company’s stock worth $130,125,000 after acquiring an additional 3,671,753 shares in the last quarter. Adage Capital Partners GP L.L.C. boosted its position in shares of Archer Aviation by 435.7% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 3,750,000 shares of the company’s stock valued at $40,688,000 after acquiring an additional 3,050,000 shares during the last quarter. Finally, Invesco Ltd. boosted its position in shares of Archer Aviation by 466.5% during the 2nd quarter. Invesco Ltd. now owns 3,650,429 shares of the company’s stock valued at $39,607,000 after acquiring an additional 3,006,039 shares during 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.