Archer Aviation (NYSE:ACHR) Shares Up 5.4% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) rose 5.4% during mid-day trading on Wednesday . The company traded as high as $9.00 and last traded at $8.9310. Approximately 60,480,831 shares were traded during mid-day trading, an increase of 20% from the average daily volume of 50,557,852 shares. The stock had previously closed at $8.47.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ACHR. JPMorgan Chase & Co. reduced their target price on Archer Aviation from $10.00 to $8.00 and set a “neutral” rating for the company in a report on Friday, November 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, October 8th. Canaccord Genuity Group upped their price objective on shares of Archer Aviation from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, November 21st. Needham & Company LLC reissued a “buy” rating and issued a $10.00 target price on shares of Archer Aviation in a research report on Wednesday. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Archer Aviation in a report on Monday, November 24th. Six 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’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $12.14.

Archer Aviation Price Performance

The company has a current ratio of 18.19, a quick ratio of 18.19 and a debt-to-equity ratio of 0.05. The stock has a 50-day simple moving average of $8.11 and a 200 day simple moving average of $9.56. The stock has a market capitalization of $5.82 billion, a price-to-earnings ratio of -7.09 and a beta of 3.10.

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

Insider Activity at Archer Aviation

In other news, CFO Priya Gupta sold 5,479 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 value of $41,037.71. Following the transaction, the chief financial officer directly owned 161,523 shares of the company’s stock, valued at approximately $1,209,807.27. This represents a 3.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Thomas Paul Muniz sold 125,000 shares of the stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $8.00, for a total value of $1,000,000.00. Following the sale, the chief technology officer owned 1,272,129 shares of the company’s stock, valued at approximately $10,177,032. This represents a 8.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 307,635 shares of company stock worth $2,367,936 in the last quarter. 7.65% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ACHR. Vanguard Group Inc. raised its stake in shares of Archer Aviation by 45.8% during the 3rd quarter. Vanguard Group Inc. now owns 52,363,259 shares of the company’s stock worth $501,640,000 after purchasing an additional 16,452,398 shares in the last quarter. ARK Investment Management LLC increased its holdings in Archer Aviation by 5.8% in the third quarter. ARK Investment Management LLC now owns 31,301,449 shares of the company’s stock worth $299,868,000 after buying an additional 1,715,945 shares during the last quarter. Geode Capital Management LLC raised its position in Archer Aviation by 44.1% during the second quarter. Geode Capital Management LLC now owns 11,991,714 shares of the company’s stock valued at $130,125,000 after acquiring an additional 3,671,753 shares in the last quarter. Man Group plc lifted its stake in Archer Aviation by 13,793.3% in the second quarter. Man Group plc now owns 4,212,722 shares of the company’s stock valued at $45,708,000 after acquiring an additional 4,182,400 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in Archer Aviation by 14.5% in the third quarter. Invesco Ltd. now owns 4,179,380 shares of the company’s stock valued at $40,038,000 after acquiring an additional 528,951 shares during the last quarter. 59.34% of the stock is owned by institutional investors and hedge funds.

About Archer Aviation

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.