Archer Aviation (NYSE:ACHR) Shares Up 2.9% – Here’s Why

by · The Markets Daily

Archer Aviation Inc. (NYSE:ACHR – Get Free Report)’s stock price was up 2.9% on Tuesday . The company traded as high as $6.99 and last traded at $7.00. Approximately 7,573,216 shares were traded during trading, a decline of 76% from the average daily volume of 32,153,031 shares. The stock had previously closed at $6.80.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ACHR. Needham & Company LLC increased their price objective on shares of Archer Aviation from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. HC Wainwright restated a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a research report on Friday, February 28th. Canaccord Genuity Group boosted their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research report on Friday, February 28th. Raymond James upped their target price on Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. Finally, Cantor Fitzgerald lifted their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $11.61.

Check Out Our Latest Analysis on Archer Aviation

Archer Aviation Stock Performance

The stock has a market cap of $3.75 billion, a price-to-earnings ratio of -5.24 and a beta of 3.14. The firm has a fifty day simple moving average of $9.24 and a 200 day simple moving average of $6.44. The company has a current ratio of 6.03, a quick 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 Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.10. As a group, sell-side analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Activity at Archer Aviation

In related news, major shareholder N.V. Stellantis bought 751,879 shares of Archer Aviation stock in a transaction dated Wednesday, December 11th. The shares were bought at an average cost of $6.65 per share, for a total transaction of $4,999,995.35. Following the completion of the transaction, the insider now owns 60,486,841 shares of the company’s stock, valued at approximately $402,237,492.65. This trade represents a 1.26 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, General Counsel Eric Lentell sold 43,230 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value 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. The trade was a 44.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,046,926 shares of company stock valued at $8,695,783 in the last 90 days. 9.75% of the stock is owned by corporate insiders.

Institutional Trading of Archer Aviation

Several institutional investors and hedge funds have recently made changes to their positions in the business. Total Wealth Planning & Management Inc. bought a new position in shares of Archer Aviation during the fourth quarter worth $450,000. Infinitum Asset Management LLC acquired a new stake in Archer Aviation during the 4th quarter worth $10,844,000. Sunbelt Securities Inc. bought a new position in Archer Aviation during the fourth quarter worth about $27,000. PharVision Advisers LLC acquired a new position in Archer Aviation in the fourth quarter valued at about $187,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Archer Aviation by 62.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 558,603 shares of the company’s stock worth $5,446,000 after acquiring an additional 215,593 shares in the last quarter. Institutional investors own 59.34% of the company’s stock.

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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