Archer Aviation (NYSE:ACHR) Stock Price Up 9.8% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) shot up 9.8% during trading on Tuesday . The stock traded as high as $5.36 and last traded at $5.3150. 29,188,090 shares were traded during mid-day trading, a decline of 22% from the average session volume of 37,562,898 shares. The stock had previously closed at $4.84.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ACHR shares. Barclays raised Archer Aviation to a “hold” rating in a research note on Wednesday, July 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research note on Friday, July 17th. Finally, Canaccord Genuity Group dropped their price objective on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, May 12th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Archer Aviation currently has a consensus rating of “Hold” and an average price target of $11.83.

Archer Aviation Stock Up 0.3%

The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.06. The company has a fifty day simple moving average of $5.24 and a 200 day simple moving average of $6.04. The firm has a market capitalization of $3.96 billion, a P/E ratio of -4.74 and a beta of 3.20.

Archer Aviation (NYSE:ACHR) last released its earnings results on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The firm had revenue of $1.60 million during the quarter, compared to analysts’ expectations of $1.66 million. During the same quarter in the prior year, the company posted ($0.17) earnings per share. On average, equities analysts expect that Archer Aviation Inc. will post -1.4 EPS for the current fiscal year.

Insider Activity

In other news, CFO Priya Gupta sold 9,860 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $58,667.00. Following the transaction, the chief financial officer owned 189,050 shares in the company, valued at approximately $1,124,847.50. This represents a 4.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Harsh Rungta sold 12,414 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $73,863.30. Following the completion of the transaction, the chief accounting officer owned 87,210 shares in the company, valued at approximately $518,899.50. This represents a 12.46% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 250,743 shares of company stock valued at $1,497,672. Company insiders own 5.55% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds have recently added to or reduced their stakes in ACHR. Gould Capital LLC increased its holdings in shares of Archer Aviation by 238.1% in the 4th quarter. Gould Capital LLC now owns 3,560 shares of the company’s stock worth $27,000 after purchasing an additional 2,507 shares in the last quarter. Strs Ohio bought a new position in shares of Archer Aviation during the first quarter valued at $27,000. Caitong International Asset Management Co. Ltd lifted its holdings 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 valued at $28,000 after purchasing an additional 3,335 shares in the last quarter. Modus Advisors LLC purchased a new stake in shares of Archer Aviation during the fourth quarter valued at $29,000. Finally, Basepoint Wealth LLC purchased a new stake in shares of Archer Aviation during the fourth quarter valued at $32,000. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

About Archer Aviation

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.