Archer Aviation (NYSE:ACHR) Shares Gap Up After Analyst Upgrade

by · The Markets Daily

Archer Aviation Inc. (NYSE:ACHR – Get Free Report)’s stock price gapped up before the market opened on Friday after Barclays upgraded the stock from an equal weight rating to an overweight rating. The stock had previously closed at $4.72, but opened at $5.02. Barclays now has a $8.00 price target on the stock, up from their previous price target of $4.50. Archer Aviation shares last traded at $4.9850, with a volume of 7,892,782 shares trading hands.

A number of other research firms have also recently issued reports on ACHR. HC Wainwright reiterated a “buy” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Wells Fargo & Company set a $18.00 target price on Archer Aviation in a research note on Tuesday, August 11th. Cantor Fitzgerald restated an “overweight” rating and issued a $11.00 price objective on shares of Archer Aviation in a research note on Tuesday, August 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a report on Friday, July 17th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $9.00 price target on shares of Archer Aviation in a report on Tuesday, August 11th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.00.

View Our Latest Report on Archer Aviation

Insider Buying and Selling at Archer Aviation

In related news, insider Eric Lentell sold 100,000 shares of Archer Aviation stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $6.31, for a total value of $631,000.00. Following the sale, the insider directly owned 85,011 shares in the company, valued at approximately $536,419.41. The trade was a 54.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Harsh Rungta sold 13,880 shares of Archer Aviation stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.41, for a total value of $88,970.80. Following the completion of the sale, the chief accounting officer owned 110,847 shares in the company, valued at approximately $710,529.27. The trade was a 11.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 176,657 shares of company stock valued at $1,122,371 over the last ninety days. Corporate insiders own 5.55% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of America Corp DE lifted its stake in Archer Aviation by 33.2% in the 1st quarter. Bank of America Corp DE now owns 2,136,942 shares of the company’s stock worth $11,048,000 after purchasing an additional 532,762 shares in the last quarter. California State Teachers Retirement System increased its holdings in shares of 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. SummitTX Capital L.P. acquired a new stake in shares of Archer Aviation in the first quarter valued at approximately $709,000. Clear Street Group Inc. lifted its position in Archer Aviation by 94.4% during the fourth quarter. Clear Street Group Inc. now owns 2,110,555 shares of the company’s stock worth $15,871,000 after buying an additional 1,025,060 shares in the last quarter. Finally, Fifth Third Bancorp lifted its position in Archer Aviation by 4,133.1% during the first quarter. Fifth Third Bancorp now owns 142,868 shares of the company’s stock worth $739,000 after buying an additional 139,493 shares in the last quarter. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Archer Aviation Price Performance

The stock has a 50 day simple moving average of $5.61 and a two-hundred day simple moving average of $5.58. The company has a market cap of $3.82 billion, a price-to-earnings ratio of -4.59 and a beta of 3.27. The company has a debt-to-equity ratio of 0.06, a current ratio of 10.21 and a quick ratio of 10.21.

Archer Aviation (NYSE:ACHR – Get Free Report) last issued its earnings results on Monday, August 10th. The company reported ($0.34) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.34). The company had revenue of $5.00 million during the quarter, compared to analysts’ expectations of $1.94 million. On average, equities research analysts predict that Archer Aviation Inc. will post -1.37 earnings per share for the current fiscal year.

Archer Aviation Company Profile

(Get Free Report)

Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its goal is to provide quieter, lower-emission transportation for short passenger trips, including airport transfers and travel between urban and suburban locations.

The company’s primary aircraft is Midnight, a piloted, four-passenger eVTOL aircraft designed for frequent short-distance flights. Archer has also developed Maker, a smaller technology demonstrator used to test its electric propulsion, flight-control and other aircraft systems.

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