Archer Aviation (NYSE:ACHR) Shares Up 3.5% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR) was up 3.5% on Wednesday . The stock traded as high as $7.36 and last traded at $7.05. Approximately 7,886,840 shares changed hands during trading, a decline of 75% from the average daily volume of 31,974,635 shares. The stock had previously closed at $6.81.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ACHR. Canaccord Genuity Group raised their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a report on Friday, February 28th. JPMorgan Chase & Co. lowered Archer Aviation from an “overweight” rating to a “neutral” rating and boosted their price target for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Raymond James lifted their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a research report on Friday, February 21st. Cantor Fitzgerald boosted their price objective on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Finally, Needham & Company LLC lifted their price target on shares of Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $11.61.

Archer Aviation Trading Up 9.9 %

The business’s fifty day moving average is $9.18 and its 200 day moving average is $6.46. 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 stock has a market cap of $4.06 billion, a PE ratio of -5.65 and a beta of 3.14.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results 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. As a group, analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Activity

In other Archer Aviation news, Director Michael Spellacy sold 191,513 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $10.00, for a total transaction of $1,915,130.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Eric Lentell sold 43,230 shares of the company’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $332,871.00. Following the completion of the transaction, the general counsel now owns 53,225 shares in the company, valued at $409,832.50. This represents a 44.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 608,498 shares of company stock worth $5,368,115 in the last quarter. 9.75% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds have recently added to or reduced their stakes in ACHR. Total Wealth Planning & Management Inc. acquired a new position in shares of Archer Aviation in the 4th quarter worth $450,000. Infinitum Asset Management LLC bought a new position in shares of Archer Aviation in the fourth quarter valued at approximately $10,844,000. Sunbelt Securities Inc. acquired a new stake in shares of Archer Aviation in the fourth quarter valued at about $27,000. PharVision Advisers LLC acquired a new position in Archer Aviation during the 4th quarter valued at $187,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Archer Aviation by 62.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 558,603 shares of the company’s stock valued at $5,446,000 after acquiring an additional 215,593 shares during the period. 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.