Archer Aviation (NYSE:ACHR) Stock Price Up 1.6% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) shares rose 1.6% during trading on Wednesday . The company traded as high as $7.60 and last traded at $7.4970. Approximately 28,718,883 shares changed hands during mid-day trading, a decline of 27% from the average daily volume of 39,601,926 shares. The stock had previously closed at $7.38.

Analyst Upgrades and Downgrades

ACHR has been the topic of several recent research reports. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Archer Aviation in a research note on Tuesday, August 12th. Canaccord Genuity Group increased their target price on shares of Archer Aviation from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, November 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, October 8th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Archer Aviation in a research report on Monday. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Archer Aviation from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday, November 7th. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Archer Aviation presently has a consensus rating of “Moderate Buy” and an average target price of $12.71.

Archer Aviation Stock Performance

The firm has a market capitalization of $5.10 billion, a PE ratio of -6.21 and a beta of 3.07. The company has a debt-to-equity ratio of 0.05, a quick ratio of 18.19 and a current ratio of 18.19. The business’s fifty day simple moving average is $10.02 and its 200-day simple moving average is $10.14.

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

Insider Transactions at Archer Aviation

In other Archer Aviation news, insider Eric Lentell sold 41,490 shares of Archer Aviation stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $7.49, for a total value of $310,760.10. Following the sale, the insider owned 83,733 shares of the company’s stock, valued at $627,160.17. The trade was a 33.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Priya Gupta sold 5,479 shares of the stock in a transaction that occurred 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 owned 161,523 shares of the company’s stock, valued at $1,209,807.27. This represents a 3.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 182,635 shares of company stock valued at $1,367,936. 7.65% of the stock is owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

A number of hedge funds have recently bought and sold shares of ACHR. CIBC Bancorp USA Inc. bought a new stake in shares of Archer Aviation in the 3rd quarter worth about $563,000. Sunbelt Securities Inc. grew its position in Archer Aviation by 83.2% in the third quarter. Sunbelt Securities Inc. now owns 5,000 shares of the company’s stock worth $48,000 after acquiring an additional 2,271 shares in the last quarter. Advisory Services Network LLC bought a new stake in Archer Aviation during the third quarter worth approximately $81,000. Camelot Portfolios LLC bought a new stake in Archer Aviation during the third quarter worth approximately $144,000. Finally, Kestra Private Wealth Services LLC raised its position in Archer Aviation by 14.6% during the third quarter. Kestra Private Wealth Services LLC now owns 30,483 shares of the company’s stock valued at $292,000 after purchasing an additional 3,875 shares during the period. Hedge funds and other 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.