Archer Aviation (NYSE:ACHR) Trading Up 10.4% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s share price rose 10.4% during mid-day trading on Tuesday . The company traded as high as $11.84 and last traded at $11.43. Approximately 39,278,472 shares changed hands during trading, an increase of 24% from the average daily volume of 31,605,545 shares. The stock had previously closed at $10.35.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. HC Wainwright restated a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a research note on Monday, December 16th. Deutsche Bank Aktiengesellschaft raised their target price on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. JPMorgan Chase & Co. lowered Archer Aviation from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $6.00 to $9.00 in a research report on Friday, January 10th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target on shares of Archer Aviation in a research note on Thursday, January 16th. Finally, Canaccord Genuity Group cut their price objective on shares of Archer Aviation from $14.00 to $13.00 and set a “buy” rating on the stock in a research note on Wednesday, February 12th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.25.

Archer Aviation Stock Up 2.8 %

The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The company has a market cap of $4.52 billion, a P/E ratio of -8.06 and a beta of 3.13. The stock has a 50 day moving average price of $9.48 and a 200 day moving average price of $5.95.

Insider Buying and Selling

In other news, Director Michael Spellacy sold 191,513 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $10.00, for a total transaction of $1,915,130.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Thomas Paul Muniz sold 50,000 shares of the business’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $12.00, for a total value of $600,000.00. Following the sale, the chief technology officer now directly owns 1,070,360 shares in the company, valued at $12,844,320. This trade represents a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have bought 776,791 shares of company stock valued at $5,139,699 and have sold 1,057,729 shares valued at $8,473,770. 9.75% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Archer Aviation

Institutional investors have recently bought and sold shares of the stock. Miller Wealth Advisors LLC purchased a new stake in Archer Aviation during the third quarter valued at about $26,000. Sunbelt Securities Inc. purchased a new stake in shares of Archer Aviation in the 4th quarter valued at approximately $27,000. Conquis Financial LLC purchased a new stake in shares of Archer Aviation in the 4th quarter valued at approximately $29,000. Harbour Investments Inc. boosted its stake in Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock worth $30,000 after purchasing an additional 1,095 shares during the period. Finally, Oarsman Capital Inc. grew its position in Archer Aviation by 471.7% during the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock worth $30,000 after purchasing an additional 2,547 shares in the last quarter. 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.