Archer Aviation (NYSE:ACHR) Shares Up 4% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR) shares shot up 4% on Thursday . The company traded as high as $5.59 and last traded at $5.5750. Approximately 40,861,508 shares were traded during trading, an increase of 6% from the average daily volume of 38,487,383 shares. The stock had previously closed at $5.36.

Wall Street Analyst Weigh In

A number of research analysts recently commented on ACHR shares. Needham & Company LLC decreased their price target on Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. Canaccord Genuity Group cut their price objective on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, May 12th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research note on Monday, April 20th. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Archer Aviation presently has a consensus rating of “Moderate Buy” and an average target price of $11.83.

Archer Aviation Trading Up 0.1%

The business’s fifty day moving average is $5.98 and its 200-day moving average is $6.83. The firm has a market cap of $4.23 billion, a P/E ratio of -5.07 and a beta of 3.14. The company has a debt-to-equity ratio of 0.06, a quick ratio of 18.06 and a current ratio of 18.06.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The company had revenue of $1.60 million for the quarter, compared to analyst estimates of $1.66 million. During the same quarter in the previous year, the company posted ($0.17) EPS. Analysts predict that Archer Aviation Inc. will post -1.47 EPS for the current year.

Insider Buying and Selling at Archer Aviation

In related news, insider Eric Lentell sold 48,169 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $286,605.55. Following the completion of the sale, the insider directly owned 141,084 shares in the company, valued at $839,449.80. This represents a 25.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Harsh Rungta sold 12,414 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $73,863.30. Following the transaction, the chief accounting officer directly owned 87,210 shares of the company’s stock, valued at approximately $518,899.50. This represents a 12.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 250,743 shares of company stock worth $1,497,672 in the last three months. 5.55% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

A number of institutional investors have recently made changes to their positions in the stock. Western Wealth Management LLC raised its position in shares of Archer Aviation by 22.0% during the first quarter. Western Wealth Management LLC now owns 22,962 shares of the company’s stock worth $119,000 after acquiring an additional 4,144 shares during the last quarter. Parallel Advisors LLC boosted its holdings in Archer Aviation by 59.4% in the first quarter. Parallel Advisors LLC now owns 8,786 shares of the company’s stock valued at $45,000 after acquiring an additional 3,275 shares during the last quarter. Segall Bryant & Hamill LLC acquired a new stake in Archer Aviation during the 1st quarter valued at approximately $168,000. Bank of America Corp DE increased its position in Archer Aviation by 33.2% during the 1st quarter. Bank of America Corp DE now owns 2,136,942 shares of the company’s stock valued at $11,048,000 after purchasing an additional 532,762 shares during the period. Finally, Amundi raised its holdings in Archer Aviation by 134.9% during the 1st quarter. Amundi now owns 71,397 shares of the company’s stock worth $369,000 after purchasing an additional 41,008 shares during the last quarter. Institutional investors 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.