Archer Aviation (NYSE:ACHR) Trading Up 3.4% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s share price was up 3.4% during mid-day trading on Monday . The stock traded as high as $5.90 and last traded at $5.7310. Approximately 39,163,608 shares traded hands during trading, an increase of 3% from the average daily volume of 37,904,336 shares. The stock had previously closed at $5.54.

Analyst Ratings Changes

Several research firms recently commented on ACHR. Needham & Company LLC dropped their target price on Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a report on Monday, April 20th. Finally, Canaccord Genuity Group cut their target price on Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, May 12th. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $11.83.

Archer Aviation Price Performance

The stock has a market capitalization of $4.35 billion, a price-to-earnings ratio of -5.21 and a beta of 3.14. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.06. The company’s 50 day moving average is $5.96 and its 200 day moving average is $6.97.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The business had revenue of $1.60 million for the quarter, compared to the consensus estimate of $1.66 million. During the same period in the previous year, the company earned ($0.17) EPS. Research analysts anticipate that Archer Aviation Inc. will post -1.47 EPS for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In related news, insider Eric Lentell sold 48,169 shares of the stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $286,605.55. Following the completion of the sale, the insider owned 141,084 shares in the company, valued at $839,449.80. This represents a 25.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Tosha Perkins sold 10,949 shares of the firm’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $6.27, for a total transaction of $68,650.23. Following the transaction, the insider directly owned 384,768 shares in the company, valued at $2,412,495.36. The trade was a 2.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 282,840 shares of company stock valued at $1,703,688. 7.65% of the stock is owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

Institutional investors have recently added to or reduced their stakes in the stock. Gould Capital LLC lifted its position in Archer Aviation by 238.1% during the 4th quarter. Gould Capital LLC now owns 3,560 shares of the company’s stock worth $27,000 after acquiring an additional 2,507 shares during the period. Strs Ohio acquired a new position in shares of Archer Aviation in the first quarter valued at approximately $27,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Archer Aviation by 840.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company’s stock worth $28,000 after purchasing an additional 3,335 shares during the last quarter. Johnson Investment Counsel Inc. acquired a new stake in shares of Archer Aviation during the third quarter worth $29,000. Finally, Modus Advisors LLC purchased a new position in Archer Aviation in the 4th quarter valued at $29,000. Institutional investors and hedge funds own 59.34% of the company’s stock.

Archer Aviation Company Profile

Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.