Archer Aviation (NYSE:ACHR) Trading Up 3.5% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) shot up 3.5% during trading on Thursday . The company traded as high as $5.46 and last traded at $5.4040. Approximately 25,485,904 shares changed hands during mid-day trading, a decline of 31% from the average daily volume of 36,824,844 shares. The stock had previously closed at $5.22.

Analyst Ratings Changes

ACHR has been the topic of a number of recent research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research report on Friday, July 17th. HC Wainwright reiterated a “buy” rating on shares of Archer Aviation in a report on Tuesday, August 11th. Needham & Company LLC reissued a “buy” rating and issued a $9.00 target price on shares of Archer Aviation in a research note on Tuesday, August 11th. Wells Fargo & Company set a $18.00 target price on Archer Aviation in a report on Tuesday, August 11th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $11.00 price target on shares of Archer Aviation in a research report on Tuesday, August 11th. Five investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Archer Aviation presently has a consensus rating of “Hold” and an average target price of $11.50.

Archer Aviation Stock Performance

The company has a current ratio of 10.21, a quick ratio of 10.21 and a debt-to-equity ratio of 0.06. The firm has a fifty day moving average price of $5.50 and a 200 day moving average price of $5.71. The firm has a market cap of $4.16 billion, a PE ratio of -5.00 and a beta of 3.23.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.34) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.34). The firm had revenue of $5.00 million during the quarter, compared to analysts’ expectations of $1.94 million. As a group, equities research analysts expect that Archer Aviation Inc. will post -1.37 earnings per share for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In other news, CFO Priya Gupta sold 10,015 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $6.41, for a total transaction of $64,196.15. Following the completion of the sale, the chief financial officer owned 202,784 shares in the company, valued at $1,299,845.44. This trade represents a 4.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 13,880 shares of Archer Aviation stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $6.41, for a total transaction of $88,970.80. Following the sale, the chief accounting officer directly owned 110,847 shares in the company, valued at approximately $710,529.27. The trade was a 11.13% decrease in their position. 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. Insiders have sold 176,657 shares of company stock worth $1,122,371 in the last ninety days. 5.55% of the stock is owned by insiders.

Institutional Investors Weigh In On Archer Aviation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted 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 during the last quarter. Amova Asset Management Americas Inc. lifted its position in Archer Aviation by 21.7% in the fourth quarter. Amova Asset Management Americas Inc. now owns 7,914,191 shares of the company’s stock valued at $59,515,000 after buying an additional 1,413,774 shares during the last quarter. Norges Bank purchased a new position in Archer Aviation during the fourth quarter worth about $58,494,000. BNP Paribas Financial Markets boosted its stake in Archer Aviation by 423.3% during the fourth quarter. BNP Paribas Financial Markets now owns 5,126,217 shares of the company’s stock worth $38,549,000 after buying an additional 4,146,574 shares during the period. Finally, Alpine Global Management LLC increased its position in shares of Archer Aviation by 104.7% during the fourth quarter. Alpine Global Management LLC now owns 4,677,145 shares of the company’s stock valued at $35,172,000 after acquiring an additional 2,392,026 shares during the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

Archer Aviation Company Profile

Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its aircraft are designed to transport passengers over short distances using distributed electric propulsion, with the goal of providing quieter and potentially faster alternatives to traditional ground transportation in congested urban areas.

The company’s primary aircraft is Midnight, a piloted, four-passenger eVTOL aircraft intended for commercial air taxi operations.