Archer Aviation (NYSE:ACHR) Trading Up 2.3% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s share price traded up 2.3% during trading on Wednesday . The company traded as high as $6.75 and last traded at $6.5370. 44,587,984 shares traded hands during mid-day trading, an increase of 29% from the average session volume of 34,474,645 shares. The stock had previously closed at $6.39.

Analysts Set New Price Targets

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

Archer Aviation Stock Down 5.7%

The firm has a market cap of $4.50 billion, a P/E ratio of -5.50 and a beta of 3.13. The business’s fifty day moving average price is $5.90 and its two-hundred day moving average price is $7.32. The company has a current ratio of 18.06, a quick ratio of 19.89 and a debt-to-equity ratio of 0.06.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The firm had revenue of $1.60 million for the quarter, compared to analyst estimates of $1.66 million. During the same quarter in the prior year, the company earned ($0.17) EPS. As a group, equities research analysts anticipate that Archer Aviation Inc. will post -1.51 EPS for the current year.

Insider Transactions at Archer Aviation

In related news, CFO Priya Gupta sold 10,172 shares of Archer Aviation stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $6.46, for a total value of $65,711.12. Following the transaction, the chief financial officer owned 171,754 shares in the company, valued at $1,109,530.84. This trade represents a 5.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Thomas Paul Muniz sold 94,725 shares of Archer Aviation stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $6.46, for a total transaction of $611,923.50. Following the completion of the transaction, the chief technology officer owned 1,345,430 shares in the company, valued at $8,691,477.80. This trade represents a 6.58% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 255,750 shares of company stock worth $1,645,333. Corporate insiders own 7.65% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Archer Aviation by 4.4% in the 4th quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock worth $411,165,000 after purchasing an additional 2,312,899 shares during the last quarter. ARK Investment Management LLC grew its position in Archer Aviation by 12.4% in the 4th quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company’s stock worth $264,484,000 after purchasing an additional 3,869,252 shares during the last quarter. State Street Corp grew its position in 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 purchasing an additional 3,293,130 shares during the last quarter. Morgan Stanley grew its position in Archer Aviation by 21.6% in the 4th quarter. Morgan Stanley now owns 15,717,522 shares of the company’s stock worth $118,196,000 after purchasing an additional 2,796,488 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Archer Aviation by 14.9% in the 4th quarter. Geode Capital Management LLC now owns 14,385,647 shares of the company’s stock worth $108,197,000 after purchasing an additional 1,867,648 shares during the last quarter. 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.