Archer Aviation (NYSE:ACHR) Releases Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Archer Aviation (NYSE:ACHR) released its quarterly earnings data on Thursday. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.10, reports.

Archer Aviation Stock Performance

Shares of NYSE ACHR traded up $0.60 during mid-day trading on Friday, hitting $8.52. The company had a trading volume of 41,112,451 shares, compared to its average volume of 33,161,449. Archer Aviation has a 12 month low of $2.82 and a 12 month high of $12.48. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The firm has a market cap of $3.62 billion, a P/E ratio of -6.44 and a beta of 3.14. The business’s 50-day simple moving average is $9.60 and its 200-day simple moving average is $6.20.

Insider Transactions at Archer Aviation

In other Archer Aviation news, CTO Thomas Paul Muniz sold 50,000 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $9.00, for a total value of $450,000.00. Following the sale, the chief technology officer now directly owns 1,120,360 shares in the company, valued at $10,083,240. This represents a 4.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michael Spellacy sold 63,000 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $7.10, for a total value of $447,300.00. Following the transaction, the director now owns 191,513 shares of the company’s stock, valued at $1,359,742.30. This represents a 24.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,057,729 shares of company stock valued at $8,473,770. 9.75% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Cantor Fitzgerald raised their price target on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Canaccord Genuity Group raised their price objective on shares of Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a research report on Friday. Raymond James boosted their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised their price target 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. Finally, Needham & Company LLC raised their target price on Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a report on Friday. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $11.61.

Archer Aviation Company Profile

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.