Archer Aviation (NYSE:ACHR) Shares Up 3.6% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) shot up 3.6% on Friday . The company traded as high as $6.43 and last traded at $6.3410. 79,158,162 shares changed hands during mid-day trading, an increase of 120% from the average session volume of 36,025,969 shares. The stock had previously closed at $6.12.

Analysts Set New Price Targets

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

Archer Aviation Stock Performance

The stock’s 50-day moving average is $5.85 and its 200-day moving average is $7.13. The stock has a market cap of $4.82 billion, a price-to-earnings ratio of -5.76 and a beta of 3.13. The company has a debt-to-equity ratio of 0.06, a current ratio of 18.06 and a quick ratio of 18.06.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Monday, May 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The company had revenue of $1.60 million for the quarter, compared to analysts’ expectations of $1.66 million. During the same quarter in the prior year, the business posted ($0.17) EPS. Analysts anticipate that Archer Aviation Inc. will post -1.51 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Eric Lentell sold 48,169 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $286,605.55. Following the completion of the transaction, the insider directly owned 141,084 shares in the company, valued at approximately $839,449.80. This represents a 25.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Harsh Rungta sold 22,826 shares of the company’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $6.46, for a total value of $147,455.96. Following the completion of the transaction, the chief accounting officer owned 65,458 shares of the company’s stock, valued at $422,858.68. The trade was a 25.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 502,739 shares of company stock valued at $3,124,236. 7.65% of the stock is owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

Several institutional investors have recently added to or reduced their stakes in the business. Segall Bryant & Hamill LLC acquired a new position in Archer Aviation in the first quarter valued at $168,000. Western Wealth Management LLC increased its stake in Archer Aviation by 22.0% in the first quarter. Western Wealth Management LLC now owns 22,962 shares of the company’s stock valued at $119,000 after purchasing an additional 4,144 shares during the last quarter. Bank of America Corp DE increased its stake in Archer Aviation by 33.2% in the first quarter. Bank of America Corp DE now owns 2,136,942 shares of the company’s stock valued at $11,048,000 after purchasing an additional 532,762 shares during the last quarter. Amundi increased its stake in Archer Aviation by 134.9% in the first quarter. Amundi now owns 71,397 shares of the company’s stock valued at $369,000 after purchasing an additional 41,008 shares during the last quarter. Finally, California State Teachers Retirement System increased its stake in Archer Aviation by 21.0% in the first quarter. California State Teachers Retirement System now owns 716,066 shares of the company’s stock valued at $3,702,000 after purchasing an additional 124,052 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.