Archer Aviation (NYSE:ACHR) Shares Up 5.8% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) shares shot up 5.8% on Monday . The company traded as high as $8.42 and last traded at $8.36. 12,567,234 shares were traded during mid-day trading, a decline of 60% from the average session volume of 31,727,953 shares. The stock had previously closed at $7.90.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on ACHR shares. Canaccord Genuity Group lifted their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a research report on Friday, February 28th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Needham & Company LLC boosted their target price on shares of Archer Aviation from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Raymond James boosted their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. Finally, HC Wainwright reissued a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a research report on Friday, February 28th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $11.61.

Archer Aviation Price Performance

The company’s fifty day moving average price is $8.89 and its 200 day moving average price is $6.61. The firm has a market capitalization of $4.39 billion, a price-to-earnings ratio of -6.13 and a beta of 3.14. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.10. Equities research analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Transactions at Archer Aviation

In other news, General Counsel Eric Lentell sold 43,230 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $332,871.00. Following the sale, the general counsel now directly owns 53,225 shares of the company’s stock, valued at approximately $409,832.50. This represents a 44.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Thomas Paul Muniz sold 99,224 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $764,024.80. Following the completion of the transaction, the chief technology officer now directly owns 1,131,443 shares in the company, valued at approximately $8,712,111.10. This represents a 8.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 303,985 shares of company stock valued at $2,555,685. Corporate insiders own 9.75% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. ARK Investment Management LLC raised its stake in shares of Archer Aviation by 27.1% during the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock valued at $291,643,000 after acquiring an additional 6,371,647 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of Archer Aviation during the fourth quarter valued at about $42,709,000. Alyeska Investment Group L.P. boosted its holdings in Archer Aviation by 158.3% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company’s stock worth $48,748,000 after purchasing an additional 3,064,280 shares during the last quarter. Two Sigma Investments LP boosted its holdings in Archer Aviation by 3,166.8% during the fourth quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company’s stock worth $29,377,000 after purchasing an additional 2,920,752 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in Archer Aviation by 21.4% in the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company’s stock worth $160,682,000 after acquiring an additional 2,908,859 shares during the period. Institutional investors and hedge funds own 59.34% of the company’s stock.

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.