Archer Aviation (NYSE:ACHR) Shares Up 4.2% – Here’s Why

Archer Aviation Inc. (NYSE:ACHRGet Free Report)’s stock price was up 4.2% on Monday . The stock traded as high as $6.54 and last traded at $6.5250. Approximately 29,368,288 shares were traded during mid-day trading, a decline of 24% from the average daily volume of 38,838,688 shares. The stock had previously closed at $6.26.

Archer Aviation News Summary

Here are the key news stories impacting Archer Aviation this week:

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Cantor Fitzgerald reissued an “overweight” rating on shares of Archer Aviation in a report on Monday, November 24th. Needham & Company LLC dropped their price objective on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. The Goldman Sachs Group assumed 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, January 21st. Finally, Canaccord Genuity Group increased their price target on Archer Aviation from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, November 21st. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $12.00.

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Archer Aviation Price Performance

The company has a 50 day moving average price of $7.64 and a 200-day moving average price of $8.74. The company has a market cap of $4.25 billion, a price-to-earnings ratio of -6.59 and a beta of 3.10. The company has a quick ratio of 19.89, a current ratio of 19.89 and a debt-to-equity ratio of 0.05.

Archer Aviation (NYSE:ACHRGet Free Report) last posted its earnings results on Monday, March 2nd. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.09). The business had revenue of $0.30 million for the quarter, compared to analysts’ expectations of $1.40 million. The business’s revenue for the quarter was up 29900.0% compared to the same quarter last year. As a group, equities research analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In other news, CTO Thomas Paul Muniz sold 125,000 shares of the stock in a transaction dated 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 completion of 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. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 7.65% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Gould Capital LLC increased its position in shares of Archer Aviation by 238.1% during the fourth quarter. Gould Capital LLC now owns 3,560 shares of the company’s stock worth $27,000 after buying an additional 2,507 shares during the period. Strs Ohio bought a new position in Archer Aviation during the first quarter worth $27,000. Caitong International Asset Management Co. Ltd lifted its holdings in Archer Aviation by 840.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company’s stock valued at $28,000 after buying an additional 3,335 shares during the period. Johnson Investment Counsel Inc. bought a new stake in Archer Aviation during the third quarter valued at $29,000. Finally, Modus Advisors LLC bought a new stake in Archer Aviation during the fourth quarter valued at $29,000. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Company Profile

(Get Free Report)

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.

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