Archer Aviation (NYSE:ACHR) Trading 4% Higher – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s stock price was up 4% during mid-day trading on Thursday . The stock traded as high as $5.59 and last traded at $5.5750. 40,861,508 shares were traded during mid-day trading, an increase of 6% from the average session volume of 38,487,383 shares. The stock had previously closed at $5.36.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Canaccord Genuity Group cut their target price on Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, May 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research note on Monday, April 20th. Finally, Needham & Company LLC cut their price target on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.83.

Archer Aviation Stock Up 4.0%

The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.06. The firm’s fifty day moving average price is $5.97 and its 200-day moving average price is $6.85. The company has a market cap of $4.23 billion, a price-to-earnings ratio of -5.07 and a beta of 3.14.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The company had revenue of $1.60 million during the quarter, compared to analyst estimates of $1.66 million. During the same quarter in the previous year, the firm earned ($0.17) earnings per share. Sell-side analysts predict that Archer Aviation Inc. will post -1.47 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Harsh Rungta sold 12,414 shares of the firm’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $73,863.30. Following the sale, the chief accounting officer owned 87,210 shares of the company’s stock, valued at $518,899.50. This trade represents a 12.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 9,860 shares of Archer Aviation stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $58,667.00. Following the transaction, the chief financial officer owned 189,050 shares in the company, valued at $1,124,847.50. This trade represents a 4.96% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 250,743 shares of company stock valued at $1,497,672 over the last ninety days. 5.55% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ACHR. Farther Finance Advisors LLC boosted its holdings in shares of Archer Aviation by 7.0% in the fourth quarter. Farther Finance Advisors LLC now owns 18,659 shares of the company’s stock valued at $140,000 after buying an additional 1,220 shares during the period. Clear Creek Financial Management LLC raised its holdings in shares of Archer Aviation by 2.9% during the third quarter. Clear Creek Financial Management LLC now owns 44,084 shares of the company’s stock worth $422,000 after acquiring an additional 1,254 shares during the period. Gerber Kawasaki Wealth & Investment Management lifted its position in Archer Aviation by 8.2% in the 3rd quarter. Gerber Kawasaki Wealth & Investment Management now owns 16,702 shares of the company’s stock valued at $160,000 after acquiring an additional 1,268 shares in the last quarter. Integrated Wealth Concepts LLC lifted its position in Archer Aviation by 11.1% in the 1st quarter. Integrated Wealth Concepts LLC now owns 13,770 shares of the company’s stock valued at $98,000 after acquiring an additional 1,373 shares in the last quarter. Finally, Meridian Investment Counsel Inc. boosted its stake in Archer Aviation by 3.4% in the 4th quarter. Meridian Investment Counsel Inc. now owns 43,950 shares of the company’s stock worth $331,000 after purchasing an additional 1,440 shares during the period. Institutional investors own 59.34% of the company’s stock.

About Archer Aviation

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.