Archer Aviation (NYSE:ACHR) Announces Earnings Results

Archer Aviation (NYSE:ACHR) announced its quarterly earnings results on Monday. The company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.04, Zacks reports.

Archer Aviation Stock Up 3.0%

Archer Aviation stock traded up $0.27 during mid-day trading on Monday, hitting $9.08. The company had a trading volume of 31,645,247 shares, compared to its average volume of 21,655,703. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock’s 50 day moving average price is $7.74 and its two-hundred day moving average price is $7.89. Archer Aviation has a 12 month low of $2.82 and a 12 month high of $12.48. The company has a market capitalization of $4.92 billion, a PE ratio of -6.88 and a beta of 3.13.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ACHR shares. Canaccord Genuity Group boosted their target price on Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a research note on Friday, February 28th. HC Wainwright reissued a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research note on Friday, February 28th. Needham & Company LLC restated a “buy” rating and set a $13.00 price target on shares of Archer Aviation in a research report on Monday, April 21st. Finally, Raymond James lifted their price target on Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a research report on Friday, February 21st. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $11.61.

Insider Transactions at Archer Aviation

In other Archer Aviation news, CFO Mark Mesler sold 34,498 shares of the company’s stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $7.04, for a total transaction of $242,865.92. Following the sale, the chief financial officer now directly owns 659,357 shares in the company, valued at $4,641,873.28. This represents a 4.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Tosha Perkins sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $8.47, for a total value of $423,500.00. Following the sale, the insider now directly owns 212,673 shares of the company’s stock, valued at $1,801,340.31. This represents a 19.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 474,780 shares of company stock worth $3,581,581 over the last quarter. 9.75% of the stock is currently owned by insiders.

Archer Aviation Company Profile

Archer Aviation Inc, together with its subsidiaries, engages in designs, develops, and operates electric vertical takeoff and landing aircraft for use in urban air mobility. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc The company is headquartered in San Jose, California.