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

Shares of Archer Aviation Inc. (NYSE:ACHR) were up 3.5% during trading on Monday . The stock traded as high as $9.33 and last traded at $9.12. Approximately 8,788,706 shares changed hands during trading, a decline of 59% from the average daily volume of 21,568,736 shares. The stock had previously closed at $8.81.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on ACHR shares. HC Wainwright reaffirmed a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research note on Friday, February 28th. Canaccord Genuity Group raised their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a research note on Friday, February 28th. Raymond James raised their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $13.00 target price on shares of Archer Aviation in a research note on Monday, April 21st. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Archer Aviation currently has an average rating of “Moderate Buy” and an average price target of $11.61.

Archer Aviation Stock Performance

The company has a market capitalization of $4.92 billion, a PE ratio of -6.88 and a beta of 3.13. 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 firm’s 50-day simple moving average is $7.74 and its 200-day simple moving average is $7.89.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.10. On average, research analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Activity

In other news, insider Tosha Perkins sold 49,273 shares of the business’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $379,402.10. Following the completion of the sale, the insider now owns 232,396 shares in the company, valued at approximately $1,789,449.20. The trade was a 17.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Thomas Paul Muniz sold 99,224 shares of the business’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $764,024.80. Following the completion of the sale, the chief technology officer now owns 1,131,443 shares of the company’s stock, valued at approximately $8,712,111.10. This represents a 8.06% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 474,780 shares of company stock worth $3,581,581. 9.75% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Sunbelt Securities Inc. bought a new position in shares of Archer Aviation during the 4th quarter worth approximately $27,000. Conquis Financial LLC bought a new position in shares of Archer Aviation during the 4th quarter worth approximately $29,000. Oarsman Capital Inc. raised its stake in shares of Archer Aviation by 471.7% during the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock worth $30,000 after acquiring an additional 2,547 shares in the last quarter. Harbour Investments Inc. raised its stake in shares of Archer Aviation by 54.7% during the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock worth $30,000 after acquiring an additional 1,095 shares in the last quarter. Finally, Anchor Investment Management LLC raised its stake in shares of Archer Aviation by 58.3% during the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock worth $32,000 after acquiring an additional 1,224 shares in the last quarter. Institutional investors own 59.34% of the company’s stock.

About Archer Aviation

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.