Archer Aviation (NYSE:ACHR) Trading Up 3.5% - Here's What Happened

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shares were up 3.5% during mid-day trading on Friday . The stock traded as high as $8.45 and last traded at $8.57. Approximately 6,207,984 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 18,801,783 shares. The stock had previously closed at $8.28.

Analyst Ratings Changes

Several research analysts have weighed in on ACHR shares. Raymond James increased their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research note on Friday, February 21st. Canaccord Genuity Group increased their price objective on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a research report on Friday, February 28th. JPMorgan Chase & Co. lowered Archer Aviation from an "overweight" rating to a "neutral" rating and boosted their target price for the company from $6.00 to $9.00 in a research report on Friday, January 10th. HC Wainwright restated a "buy" rating and set a $12.50 price target on shares of Archer Aviation in a research report on Friday, February 28th. Finally, Cantor Fitzgerald increased their target price on Archer Aviation from $10.00 to $13.00 and gave the stock an "overweight" rating in a research note on Wednesday, December 18th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $11.61.

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Archer Aviation Price Performance

The company has a 50 day moving average of $8.80 and a 200 day moving average of $6.72. 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 stock has a market capitalization of $4.89 billion, a price-to-earnings ratio of -6.83 and a beta of 3.14.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping analysts' consensus estimates of ($0.40) by $0.10. As a group, equities research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Buying and Selling at Archer Aviation

In related news, General Counsel Eric Lentell sold 43,230 shares of the business's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $332,871.00. Following the completion of the transaction, the general counsel now owns 53,225 shares in the company, valued at approximately $409,832.50. The trade was a 44.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Mark Mesler sold 62,258 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $479,386.60. Following the completion of the transaction, the chief financial officer now directly owns 630,243 shares in the company, valued at $4,852,871.10. This trade represents a 8.99 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 303,985 shares of company stock valued at $2,555,685. Insiders own 9.75% of the company's stock.

Institutional Investors Weigh In On Archer Aviation

Several hedge funds and other institutional investors have recently made changes to their positions in the business. ARK Investment Management LLC increased its stake in Archer Aviation by 27.1% in the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock valued at $291,643,000 after purchasing an additional 6,371,647 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Archer Aviation by 21.4% in the 4th quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock valued at $160,682,000 after buying an additional 2,908,859 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Archer Aviation by 14.2% in the 4th quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company's stock valued at $56,908,000 after buying an additional 724,736 shares during the last quarter. Alyeska Investment Group L.P. raised its stake in Archer Aviation by 158.3% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock worth $48,748,000 after acquiring an additional 3,064,280 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in Archer Aviation in the fourth quarter valued at $42,709,000. Institutional investors and hedge funds own 59.34% of the company's stock.

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.