Archer Aviation (NYSE:ACHR) Sets New 52-Week High – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s stock price reached a new 52-week high on Monday . The company traded as high as $11.80 and last traded at $11.56, with a volume of 7797492 shares changing hands. The stock had previously closed at $11.51.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. 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 report on Friday, December 13th. HC Wainwright restated a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a report on Monday, December 16th. Needham & Company LLC initiated coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price target on the stock. Canaccord Genuity Group lifted their price objective on Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Cantor Fitzgerald boosted their price objective on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $11.00.

Archer Aviation Stock Down 2.6 %

The stock has a market cap of $4.74 billion, a price-to-earnings ratio of -8.45 and a beta of 3.15. The firm’s fifty day moving average price is $7.25 and its two-hundred day moving average price is $4.92. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period last year, the business earned ($0.19) earnings per share. Sell-side analysts forecast that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Transactions at Archer Aviation

In related news, major shareholder N.V. Stellantis purchased 751,879 shares of the business’s stock in a transaction on Wednesday, December 11th. The stock was acquired at an average price of $6.65 per share, for a total transaction of $4,999,995.35. Following the purchase, the insider now owns 60,486,841 shares of the company’s stock, valued at approximately $402,237,492.65. This trade represents a 1.26 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Adam D. Goldstein sold 805,170 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total value of $3,727,937.10. Following the completion of the sale, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at approximately $19,432,739.68. This trade represents a 16.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 776,791 shares of company stock valued at $5,139,699 and have sold 1,812,899 shares valued at $11,601,707. 9.75% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ACHR. Miller Wealth Advisors LLC bought a new position in Archer Aviation during the 3rd quarter valued at $26,000. Code Waechter LLC purchased a new stake in shares of Archer Aviation in the third quarter valued at about $30,000. Azzad Asset Management Inc. ADV bought a new position in shares of Archer Aviation during the third quarter valued at about $31,000. Hollencrest Capital Management boosted its holdings in Archer Aviation by 50.0% during the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after purchasing an additional 3,000 shares during the last quarter. Finally, Cyndeo Wealth Partners LLC bought a new stake in Archer Aviation in the 3rd quarter worth about $36,000. Hedge funds and other institutional investors 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.