Archer Aviation (NYSE:ACHR) Shares Up 0.9% – Here’s What Happened

Shares of Archer Aviation Inc. (NYSE:ACHR) rose 0.9% during trading on Wednesday . The company traded as high as $9.33 and last traded at $9.26. Approximately 4,643,755 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 27,980,641 shares. The stock had previously closed at $9.17.

Analyst Ratings Changes

A number of equities analysts have weighed in on ACHR shares. JPMorgan Chase & Co. lowered Archer Aviation from an “overweight” rating to a “neutral” rating and upped their target price for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective on shares of Archer Aviation in a research report on Thursday, January 16th. Canaccord Genuity Group raised their target price on shares of Archer Aviation from $11.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. HC Wainwright reissued a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a research note on Monday, December 16th. Finally, Cantor Fitzgerald raised their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $11.38.

Archer Aviation Price Performance

The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a market cap of $3.83 billion, a P/E ratio of -6.83 and a beta of 3.14. The firm has a 50 day moving average price of $9.21 and a 200 day moving average price of $5.67.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period in the previous year, the firm earned ($0.19) EPS. On average, analysts forecast that Archer Aviation Inc. will post -1.31 EPS for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In other news, Director Deborah Diaz purchased 5,150 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was purchased at an average cost of $7.48 per share, with a total value of $38,522.00. Following the purchase, the director now owns 98,886 shares in the company, valued at approximately $739,667.28. This trade represents a 5.49 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Thomas Paul Muniz sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total value of $600,000.00. Following the transaction, the chief technology officer now directly owns 1,070,360 shares in the company, valued at approximately $12,844,320. This represents a 4.46 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders purchased 776,791 shares of company stock valued at $5,139,699 and sold 1,862,899 shares valued at $12,201,707. Insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Institutional investors have recently modified their holdings of the stock. Miller Wealth Advisors LLC purchased a new stake in Archer Aviation in the third quarter worth about $26,000. Code Waechter LLC purchased a new stake in shares of Archer Aviation in the 3rd quarter worth approximately $30,000. GPS Wealth Strategies Group LLC boosted its stake in shares of Archer Aviation by 708.3% during the fourth quarter. GPS Wealth Strategies Group LLC now owns 3,395 shares of the company’s stock valued at $33,000 after purchasing an additional 2,975 shares in the last quarter. Cyndeo Wealth Partners LLC purchased a new position in Archer Aviation during the third quarter valued at approximately $36,000. Finally, Narwhal Capital Management bought a new position in Archer Aviation in the third quarter worth approximately $40,000. 59.34% of the stock is owned by hedge funds and other institutional investors.

Archer Aviation Company Profile

Archer Aviation Inc, together with its subsidiaries, engages in designs, develops, and operates electric vertical takeoff and landing aircraft for use in urban air mobility. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc The company is headquartered in San Jose, California.