Archer Aviation (NYSE:ACHR) Trading 11.4% Higher – Here’s What Happened

by · The Markets Daily

Shares of Archer Aviation Inc. (NYSE:ACHR – Get Free Report) were up 11.4% during trading on Tuesday . The stock traded as high as $9.67 and last traded at $9.83. Approximately 15,793,469 shares were traded during trading, a decline of 52% from the average daily volume of 32,715,354 shares. The stock had previously closed at $8.82.

Analyst Ratings Changes

Several analysts have commented on ACHR shares. Canaccord Genuity Group raised their target price on shares of Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from $6.00 to $9.00 in a report on Friday, January 10th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. Cantor Fitzgerald lifted their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Finally, HC Wainwright reiterated a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a report on Monday, December 16th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.38.

Check Out Our Latest Stock Report on Archer Aviation

Archer Aviation Stock Performance

The firm has a market capitalization of $4.11 billion, a price-to-earnings ratio of -7.34 and a beta of 3.15. The stock’s fifty day moving average is $8.26 and its two-hundred day moving average is $5.26. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR – Get Free Report) last issued its 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 posted ($0.19) EPS. On average, analysts predict that Archer Aviation Inc. will post -1.31 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder N.V. Stellantis acquired 751,879 shares of Archer Aviation stock in a transaction on Wednesday, December 11th. The stock was purchased at an average cost of $6.65 per share, with a total value of $4,999,995.35. Following the completion of the transaction, the insider now directly owns 60,486,841 shares in the company, valued at $402,237,492.65. This trade represents a 1.26 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Adam D. Goldstein sold 805,170 shares of Archer Aviation stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the transaction, 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 three months, insiders have bought 776,791 shares of company stock worth $5,139,699 and have sold 1,862,899 shares worth $12,201,707. 9.75% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers boosted its position in shares of Archer Aviation by 29.3% in the second quarter. Rhumbline Advisers now owns 311,852 shares of the company’s stock valued at $1,098,000 after acquiring an additional 70,575 shares during the period. Blair William & Co. IL boosted its position in shares of Archer Aviation by 55.9% in the second quarter. Blair William & Co. IL now owns 89,834 shares of the company’s stock valued at $316,000 after acquiring an additional 32,204 shares during the period. Hsbc Holdings PLC boosted its position in shares of Archer Aviation by 14.8% in the second quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock valued at $89,000 after acquiring an additional 3,341 shares during the period. Benjamin F. Edwards & Company Inc. boosted its position in shares of Archer Aviation by 5,615.6% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 121,857 shares of the company’s stock valued at $429,000 after acquiring an additional 119,725 shares during the period. Finally, Ensign Peak Advisors Inc boosted its position in shares of Archer Aviation by 47.5% in the second quarter. Ensign Peak Advisors Inc now owns 158,792 shares of the company’s stock valued at $559,000 after acquiring an additional 51,100 shares during the period. 59.34% of the stock is owned by institutional investors.

Archer Aviation Company Profile

(Get Free Report)

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.

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