Archer Aviation (NYSE:ACHR) Trading Up 2.1% – Here’s Why
by Mitch Edgeman · The Markets DailyArcher Aviation Inc. (NYSE:ACHR – Get Free Report)’s stock price was up 2.1% during mid-day trading on Wednesday . The company traded as high as $6.32 and last traded at $6.0650. Approximately 26,462,602 shares changed hands during trading, a decline of 21% from the average daily volume of 33,646,637 shares. The stock had previously closed at $5.94.
Analyst Upgrades and Downgrades
A number of analysts recently issued reports on ACHR shares. Needham & Company LLC decreased their price objective on Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Tuesday, March 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research note on Monday. Five equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $12.00.
Check Out Our Latest Research Report on Archer Aviation
Archer Aviation Stock Performance
The company has a 50-day moving average of $6.17 and a 200 day moving average of $7.96. The company has a quick ratio of 19.89, a current ratio of 19.89 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $4.52 billion, a PE ratio of -6.13 and a beta of 3.24.
Archer Aviation (NYSE:ACHR – Get Free Report) last posted its earnings results on Monday, March 2nd. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.09). The company had revenue of $0.30 million during the quarter, compared to analyst estimates of $1.40 million. Archer Aviation’s revenue was up 29900.0% compared to the same quarter last year. Equities research analysts predict that Archer Aviation Inc. will post -1.51 EPS for the current year.
Insider Buying and Selling at Archer Aviation
In related news, CTO Thomas Paul Muniz sold 94,725 shares of the business’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $6.46, for a total transaction of $611,923.50. Following the completion of the transaction, the chief technology officer directly owned 1,345,430 shares in the company, valued at $8,691,477.80. The trade was a 6.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Eric Lentell sold 37,390 shares of the business’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $6.46, for a total value of $241,539.40. Following the transaction, the insider owned 139,483 shares of the company’s stock, valued at approximately $901,060.18. The trade was a 21.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 255,750 shares of company stock valued at $1,645,333 over the last 90 days. Insiders own 7.65% of the company’s stock.
Hedge Funds Weigh In On Archer Aviation
A number of hedge funds and other institutional investors have recently modified their holdings of ACHR. Gould Capital LLC boosted 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 purchased a new position in shares of Archer Aviation in the 1st quarter worth about $27,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Archer Aviation by 840.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company’s stock worth $28,000 after purchasing an additional 3,335 shares in the last quarter. Johnson Investment Counsel Inc. purchased a new position in shares of Archer Aviation in the 3rd quarter worth about $29,000. Finally, Modus Advisors LLC purchased a new position in shares of Archer Aviation in the 4th quarter worth about $29,000. 59.34% of the stock is currently owned by hedge funds and other institutional investors.
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.