Archer Aviation (NYSE:ACHR) Trading Up 3.2% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s stock price shot up 3.2% on Monday . The stock traded as high as $8.63 and last traded at $8.44. 68,980,637 shares traded hands during trading, an increase of 81% from the average session volume of 38,072,234 shares. The stock had previously closed at $8.18.

Wall Street Analysts Forecast Growth

ACHR has been the subject of several recent analyst reports. Cantor Fitzgerald set a $13.00 target price on shares of Archer Aviation in a research note on Monday. JPMorgan Chase & Co. reduced their price objective on shares of Archer Aviation from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Friday. Canaccord Genuity Group reiterated a “buy” rating on shares of Archer Aviation in a research note on Thursday, July 17th. HC Wainwright restated a “buy” rating and issued a $18.00 target price on shares of Archer Aviation in a research note on Tuesday, August 12th. Finally, UBS Group reaffirmed a “buy” rating on shares of Archer Aviation in a research report on Thursday, July 17th. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $12.71.

Archer Aviation Trading Up 3.2%

The stock’s 50 day simple moving average is $10.29 and its two-hundred day simple moving average is $10.25. The stock has a market capitalization of $5.44 billion, a PE ratio of -6.70 and a beta of 3.07. The company has a debt-to-equity ratio of 0.05, a current ratio of 18.19 and a quick ratio of 18.19.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.20) EPS for the quarter, hitting analysts’ consensus estimates of ($0.20). On average, sell-side analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Transactions at Archer Aviation

In other Archer Aviation news, CTO Thomas Paul Muniz sold 86,133 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $846,687.39. Following the completion of the transaction, the chief technology officer owned 1,327,469 shares in the company, valued at $13,049,020.27. This trade represents a 6.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Eric Lentell sold 48,936 shares of Archer Aviation stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $481,040.88. Following the completion of the transaction, the insider owned 47,518 shares of the company’s stock, valued at $467,101.94. The trade was a 50.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 188,068 shares of company stock worth $1,848,708 over the last 90 days. 7.65% of the stock is owned by insiders.

Institutional Trading of Archer Aviation

A number of institutional investors have recently modified their holdings of ACHR. Allworth Financial LP grew its stake in Archer Aviation by 87.0% in the 1st quarter. Allworth Financial LP now owns 3,577 shares of the company’s stock valued at $25,000 after buying an additional 1,664 shares in the last quarter. Strs Ohio purchased a new stake in shares of Archer Aviation during the first quarter worth $27,000. Tidemark LLC boosted its holdings in shares of Archer Aviation by 100.0% in the first quarter. Tidemark LLC now owns 4,000 shares of the company’s stock worth $28,000 after acquiring an additional 2,000 shares during the period. AlphaQuest LLC grew its position in shares of Archer Aviation by 1,181.6% in the second quarter. AlphaQuest LLC now owns 2,576 shares of the company’s stock valued at $28,000 after purchasing an additional 2,375 shares in the last quarter. Finally, Johnson Investment Counsel Inc. bought a new stake in shares of Archer Aviation during the 3rd quarter valued at $29,000. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.