Archer Aviation (NYSE:ACHR) Shares Up 2% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) shares shot up 2% on Tuesday . The stock traded as high as $5.89 and last traded at $5.8250. 22,345,140 shares traded hands during trading, a decline of 40% from the average daily volume of 37,311,977 shares. The stock had previously closed at $5.71.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ACHR. UBS Group reissued an “overweight” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Needham & Company LLC reissued a “buy” rating and issued a $9.00 target price on shares of Archer Aviation in a report on Tuesday, August 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research report on Friday, July 17th. Cantor Fitzgerald reissued an “overweight” rating and issued a $11.00 price objective on shares of Archer Aviation in a research note on Tuesday, August 11th. Finally, HC Wainwright restated a “buy” rating on shares of Archer Aviation in a report on Tuesday, August 11th. Five equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $11.50.

Archer Aviation Trading Down 0.7%

The company has a market cap of $4.21 billion, a PE ratio of -5.06 and a beta of 3.23. The business has a 50 day simple moving average of $5.46 and a two-hundred day simple moving average of $5.77. The company has a current ratio of 10.21, a quick ratio of 10.21 and a debt-to-equity ratio of 0.06.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.34) EPS for the quarter, meeting analysts’ consensus estimates of ($0.34). The business had revenue of $5.00 million during the quarter, compared to analysts’ expectations of $1.94 million. On average, analysts forecast that Archer Aviation Inc. will post -1.37 EPS for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In related news, insider Eric Lentell sold 100,000 shares of the stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $6.31, for a total transaction of $631,000.00. Following the completion of the sale, the insider owned 85,011 shares of the company’s stock, valued at approximately $536,419.41. This represents a 54.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Priya Gupta sold 10,015 shares of the company’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $6.41, for a total transaction of $64,196.15. Following the sale, the chief financial officer directly owned 202,784 shares of the company’s stock, valued at approximately $1,299,845.44. This trade represents a 4.71% 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 worth $1,122,371 in the last quarter. 5.55% of the stock is owned by insiders.

Institutional Investors Weigh In On Archer Aviation

Large investors have recently modified their holdings of the stock. Norges Bank purchased a new stake in Archer Aviation during the 4th quarter worth $58,494,000. Man Group plc raised its stake in Archer Aviation by 13,793.3% during the second quarter. Man Group plc now owns 4,212,722 shares of the company’s stock valued at $45,708,000 after buying an additional 4,182,400 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in Archer Aviation by 423.3% during the 4th quarter. BNP Paribas Financial Markets now owns 5,126,217 shares of the company’s stock worth $38,549,000 after buying an additional 4,146,574 shares during the last quarter. ARK Investment Management LLC lifted its holdings in Archer Aviation by 12.4% during the 4th quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company’s stock worth $264,484,000 after buying an additional 3,869,252 shares during the last quarter. Finally, State Street Corp grew its position in shares of Archer Aviation by 11.2% in the 4th quarter. State Street Corp now owns 32,773,136 shares of the company’s stock worth $246,454,000 after acquiring an additional 3,293,130 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

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.