Archer Aviation (NYSE:ACHR) Trading Up 5.8% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s share price rose 5.8% during trading on Thursday . The stock traded as high as $6.14 and last traded at $6.1150. Approximately 63,907,968 shares were traded during trading, an increase of 80% from the average daily volume of 35,582,531 shares. The stock had previously closed at $5.78.

Analyst Ratings Changes

ACHR has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research report on Monday, April 20th. Needham & Company LLC dropped their price target on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Finally, Canaccord Genuity Group dropped their price target on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Archer Aviation has a consensus rating of “Moderate Buy” and an average price target of $11.83.

Archer Aviation Trading Up 5.8%

The stock has a market capitalization of $4.55 billion, a PE ratio of -5.56 and a beta of 3.13. 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 stock has a 50 day moving average price of $5.85 and a 200-day moving average price of $7.17.

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

Insider Transactions at Archer Aviation

In other Archer Aviation news, insider Tosha Perkins sold 54,786 shares of the firm’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $6.46, for a total value of $353,917.56. Following the transaction, the insider directly owned 377,022 shares of the company’s stock, valued at approximately $2,435,562.12. This trade represents a 12.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Eric Lentell sold 48,169 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 value of $286,605.55. Following the completion of the transaction, the insider directly owned 141,084 shares in the company, valued at $839,449.80. The trade was a 25.45% decrease in their ownership of the stock. 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. Over the last three months, insiders sold 502,739 shares of company stock valued at $3,124,236. Company insiders own 7.65% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors and hedge funds have recently made changes to their positions in ACHR. Western Wealth Management LLC boosted its stake in shares of Archer Aviation by 22.0% during the 1st quarter. Western Wealth Management LLC now owns 22,962 shares of the company’s stock worth $119,000 after acquiring an additional 4,144 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Archer Aviation by 33.2% during the 1st quarter. Bank of America Corp DE now owns 2,136,942 shares of the company’s stock worth $11,048,000 after acquiring an additional 532,762 shares during the last quarter. Amundi boosted its stake in shares of Archer Aviation by 134.9% during the 1st quarter. Amundi now owns 71,397 shares of the company’s stock worth $369,000 after acquiring an additional 41,008 shares during the last quarter. California State Teachers Retirement System boosted its stake in shares of Archer Aviation by 21.0% during the 1st quarter. California State Teachers Retirement System now owns 716,066 shares of the company’s stock worth $3,702,000 after acquiring an additional 124,052 shares during the last quarter. Finally, SummitTX Capital L.P. purchased a new position in shares of Archer Aviation during the 1st quarter worth $709,000. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Archer Aviation Company Profile

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.