Archer Aviation (NYSE:ACHR) Stock Price Up 0.2% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) shares rose 0.2% during mid-day trading on Wednesday . The company traded as high as $6.64 and last traded at $6.42. Approximately 7,490,559 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 19,984,522 shares. The stock had previously closed at $6.40.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. HC Wainwright reissued a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a research note on Friday, February 28th. Canaccord Genuity Group upped their target price on Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a research note on Friday, February 28th. 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. Finally, Needham & Company LLC upped their price objective on Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $11.61.

Archer Aviation Trading Up 1.5 %

The stock has a market capitalization of $3.52 billion, a P/E ratio of -4.88 and a beta of 3.16. The stock’s 50 day moving average price is $8.32 and its 200-day moving average price is $7.07. 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) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.10. As a group, equities research analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Activity

In other news, CTO Thomas Paul Muniz sold 99,224 shares of the firm’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $764,024.80. Following the completion of the sale, the chief technology officer now owns 1,131,443 shares of the company’s stock, valued at $8,712,111.10. This trade represents a 8.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Tosha Perkins sold 49,273 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $379,402.10. Following the transaction, the insider now directly owns 232,396 shares in the company, valued at $1,789,449.20. This represents a 17.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 424,780 shares of company stock worth $3,158,081. Corporate insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

A number of large investors have recently modified their holdings of ACHR. Sunbelt Securities Inc. purchased a new stake in Archer Aviation during the 4th quarter worth approximately $27,000. Conquis Financial LLC purchased a new stake in shares of Archer Aviation during the fourth quarter valued at $29,000. Harbour Investments Inc. increased its position in shares of Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after acquiring an additional 1,095 shares during the period. Oarsman Capital Inc. raised its stake in Archer Aviation by 471.7% in the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock worth $30,000 after acquiring an additional 2,547 shares during the last quarter. Finally, Anchor Investment Management LLC lifted its position in Archer Aviation by 58.3% during the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock worth $32,000 after acquiring an additional 1,224 shares during the period. Hedge funds and other institutional investors own 59.34% of the company’s stock.

About Archer Aviation

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.