Archer Aviation (NYSE:ACHR) Stock Price Up 3.5% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) shares were up 3.5% on Friday . The stock traded as high as $8.45 and last traded at $8.57. Approximately 6,207,984 shares were traded during trading, a decline of 67% from the average daily volume of 18,801,783 shares. The stock had previously closed at $8.28.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ACHR. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Cantor Fitzgerald lifted their target price on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Canaccord Genuity Group upped their target price on Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a report on Friday, February 28th. Raymond James raised their price target on Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Finally, Needham & Company LLC upped their price objective on Archer Aviation from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $11.61.

Archer Aviation Trading Up 3.9 %

The business has a fifty day moving average price of $8.80 and a 200-day moving average price of $6.63. 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 company has a market cap of $4.67 billion, a P/E ratio of -6.52 and a beta of 3.14.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.10. On average, analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Activity

In other Archer Aviation news, insider Tosha Perkins sold 49,273 shares of the firm’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $379,402.10. Following the transaction, the insider now owns 232,396 shares in the company, valued at $1,789,449.20. This trade represents a 17.49 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Thomas Paul Muniz sold 50,000 shares of the company’s stock in a transaction 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 sale, the chief technology officer now owns 1,070,360 shares of the company’s stock, valued at approximately $12,844,320. The trade was a 4.46 % 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. 9.75% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Intech Investment Management LLC bought a new position in Archer Aviation in the 3rd quarter valued at about $206,000. Charles Schwab Investment Management Inc. increased its stake in Archer Aviation by 5.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock valued at $5,547,000 after acquiring an additional 94,430 shares during the last quarter. Townsquare Capital LLC raised its position in Archer Aviation by 25.6% during the third quarter. Townsquare Capital LLC now owns 14,877 shares of the company’s stock valued at $45,000 after purchasing an additional 3,033 shares in the last quarter. CreativeOne Wealth LLC lifted its stake in Archer Aviation by 99.0% during the third quarter. CreativeOne Wealth LLC now owns 96,432 shares of the company’s stock worth $292,000 after purchasing an additional 47,975 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Archer Aviation by 15.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,341 shares of the company’s stock valued at $186,000 after purchasing an additional 8,431 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

About Archer Aviation

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.