Archer Aviation (NYSE:ACHR) Stock Price Up 5% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) shares rose 5% on Thursday . The company traded as high as $5.32 and last traded at $5.3040. Approximately 42,189,302 shares traded hands during trading, an increase of 11% from the average daily volume of 38,101,133 shares. The stock had previously closed at $5.05.

Analyst Upgrades and Downgrades

ACHR has been the topic of a number of recent analyst reports. Needham & Company LLC lowered their target price on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a report on Monday, April 20th. Finally, Canaccord Genuity Group lowered their target price on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Archer Aviation presently has an average rating of “Moderate Buy” and a consensus price target of $11.83.

Archer Aviation Stock Performance

The company has a debt-to-equity ratio of 0.06, a current ratio of 18.06 and a quick ratio of 18.06. The stock’s 50-day simple moving average is $5.97 and its 200 day simple moving average is $6.90. The stock has a market capitalization of $3.86 billion, a P/E ratio of -4.62 and a beta of 3.14.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The business had revenue of $1.60 million for the quarter, compared to analysts’ expectations of $1.66 million. During the same period last year, the business posted ($0.17) earnings per share. Research analysts expect that Archer Aviation Inc. will post -1.47 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In other Archer Aviation news, insider Eric Lentell sold 48,169 shares of Archer Aviation stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $286,605.55. Following the completion of the transaction, the insider directly owned 141,084 shares of the company’s stock, valued at $839,449.80. The trade was a 25.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 9,860 shares of Archer Aviation stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $58,667.00. Following the transaction, the chief financial officer directly owned 189,050 shares of the company’s stock, valued at approximately $1,124,847.50. This trade represents a 4.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 246,989 shares of company stock valued at $1,478,902. 7.65% of the stock is owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

Institutional investors have recently modified their holdings of the business. Seven Grand Managers LLC bought a new stake in shares of Archer Aviation in the fourth quarter valued at about $22,560,000. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Archer Aviation by 21.6% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,914,191 shares of the company’s stock valued at $59,515,000 after acquiring an additional 1,407,775 shares during the period. Norges Bank bought a new stake in shares of Archer Aviation in the fourth quarter valued at about $58,494,000. Vanguard Group Inc. boosted its position in shares of 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 during the period. Finally, Generali Powszechne Towarzystwo Emerytalne bought a new stake in shares of Archer Aviation in the fourth quarter valued at about $7,520,000. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Company Profile

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.