Archer Aviation (NYSE:ACHR) Stock Price Up 2.2% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s stock price rose 2.2% on Monday . The stock traded as high as $5.96 and last traded at $5.8870. Approximately 26,010,492 shares changed hands during trading, a decline of 29% from the average daily volume of 36,731,488 shares. The stock had previously closed at $5.76.

Analyst Upgrades and Downgrades

ACHR has been the subject of several recent research reports. Cantor Fitzgerald reiterated an “overweight” rating on shares of Archer Aviation in a report on Monday, November 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research note on Wednesday, January 21st. The Goldman Sachs Group assumed coverage on Archer Aviation in a research note on Monday, December 1st. They issued a “neutral” rating and a $11.00 target price for the company. Finally, Needham & Company LLC dropped their target price on Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $12.00.

Archer Aviation Stock Up 2.2%

The firm has a market capitalization of $4.38 billion, a PE ratio of -5.95 and a beta of 3.10. The firm’s 50 day moving average price is $7.24 and its two-hundred day moving average price is $8.54. 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:ACHR) last released its quarterly earnings results on Monday, March 2nd. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.09). The company had revenue of $0.30 million for the quarter, compared to analysts’ expectations of $1.40 million. The company’s quarterly revenue was up 29900.0% on a year-over-year basis. As a group, research analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In related news, CFO Priya Gupta sold 7,263 shares of the stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $6.27, for a total value of $45,539.01. Following the completion of the transaction, the chief financial officer owned 178,512 shares of the company’s stock, valued at approximately $1,119,270.24. This represents a 3.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Tosha Perkins sold 10,949 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $6.27, for a total value of $68,650.23. Following the completion of the transaction, the insider directly owned 384,768 shares in the company, valued at approximately $2,412,495.36. The trade was a 2.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 380,750 shares of company stock valued at $2,645,333. Company insiders own 7.65% of the company’s stock.

Institutional Trading of Archer Aviation

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in Archer Aviation by 4.4% in the fourth quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock valued at $411,165,000 after acquiring an additional 2,312,899 shares in the last quarter. ARK Investment Management LLC grew its holdings in Archer Aviation by 12.4% during the 4th quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company’s stock worth $264,484,000 after acquiring an additional 3,869,252 shares in the last quarter. State Street Corp grew its holdings in Archer Aviation by 11.2% during the 4th quarter. State Street Corp now owns 32,773,136 shares of the company’s stock worth $246,454,000 after acquiring an additional 3,293,130 shares in the last quarter. Morgan Stanley increased its position in shares of Archer Aviation by 21.6% in the 4th quarter. Morgan Stanley now owns 15,717,522 shares of the company’s stock worth $118,196,000 after purchasing an additional 2,796,488 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Archer Aviation by 14.9% in the 4th quarter. Geode Capital Management LLC now owns 14,385,647 shares of the company’s stock valued at $108,197,000 after purchasing an additional 1,867,648 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

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.