Archer Aviation (NYSE:ACHR) Stock Price Up 11.9% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR)’s share price traded up 11.9% during mid-day trading on Thursday . The stock traded as high as $8.54 and last traded at $8.08. 62,743,029 shares changed hands during mid-day trading, an increase of 543% from the average session volume of 9,764,363 shares. The stock had previously closed at $7.22.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Needham & Company LLC initiated coverage on shares of Archer Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $11.00 target price on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a research report on Monday, October 7th. HC Wainwright started coverage on shares of Archer Aviation in a report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 target price for the company. Finally, Benchmark reissued a “buy” rating and issued a $12.00 target price on shares of Archer Aviation in a research note on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $9.33.

Archer Aviation Stock Up 11.9 %

The company’s fifty day simple moving average is $3.75 and its 200 day simple moving average is $3.74. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $3.44 billion, a P/E ratio of -6.12 and a beta of 2.29.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results 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 prior year, the company earned ($0.19) EPS. Research analysts expect that Archer Aviation Inc. will post -1.2 EPS for the current year.

Insider Transactions at Archer Aviation

In other news, CEO Adam D. Goldstein sold 805,170 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total value of $3,727,937.10. Following the sale, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at $19,432,739.68. This represents a 16.10 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Deborah Diaz purchased 5,150 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were acquired at an average cost of $7.48 per share, with a total value of $38,522.00. Following the completion of the transaction, the director now owns 98,886 shares in the company, valued at $739,667.28. This trade represents a 5.49 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

Hedge funds have recently made changes to their positions in the stock. Hollencrest Capital Management increased its position in Archer Aviation by 50.0% during the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after buying an additional 3,000 shares in the last quarter. Townsquare Capital LLC grew its stake in shares of Archer Aviation by 25.6% in the third quarter. Townsquare Capital LLC now owns 14,877 shares of the company’s stock worth $45,000 after acquiring an additional 3,033 shares during the last quarter. Tidal Investments LLC increased its holdings in shares of Archer Aviation by 29.9% during the third quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock valued at $44,000 after acquiring an additional 3,339 shares in the last quarter. Hsbc Holdings PLC increased its holdings in shares of Archer Aviation by 14.8% during the second quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock valued at $89,000 after acquiring an additional 3,341 shares in the last quarter. Finally, CWM LLC raised its position in shares of Archer Aviation by 62.0% in the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after purchasing an additional 3,559 shares during the last quarter. 59.34% of the stock is owned by 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.