Archer Aviation (NYSE:ACHR) Shares Up 6.7% - Here's What Happened

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) rose 6.7% during trading on Monday . The stock traded as high as $9.84 and last traded at $9.63. Approximately 17,769,403 shares traded hands during mid-day trading, a decline of 36% from the average daily volume of 27,743,865 shares. The stock had previously closed at $9.02.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Cantor Fitzgerald lifted their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an "overweight" rating in a research note on Wednesday, December 18th. JPMorgan Chase & Co. cut shares of Archer Aviation from an "overweight" rating to a "neutral" rating and upped their target price for the company from $6.00 to $9.00 in a research report on Friday, January 10th. HC Wainwright reiterated a "buy" rating and set a $12.50 price target on shares of Archer Aviation in a research note on Monday, December 16th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a "buy" rating in a research note on Friday, December 13th. Finally, Canaccord Genuity Group lowered their price target on Archer Aviation from $14.00 to $13.00 and set a "buy" rating for the company in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $11.25.

Archer Aviation Stock Up 8.5 %

The firm has a market cap of $4.39 billion, a PE ratio of -7.82 and a beta of 3.13. The stock has a fifty day moving average price of $9.43 and a 200-day moving average price of $5.89. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03.

Insider Buying and Selling at Archer Aviation

In related news, CEO Adam D. Goldstein sold 805,170 shares of the company's stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the completion of the transaction, the chief executive officer now directly owns 4,197,136 shares in the company, valued at $19,432,739.68. This represents a 16.10 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Tosha Perkins sold 150,000 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $6.40, for a total value of $960,000.00. Following the completion of the transaction, the insider now directly owns 197,355 shares of the company's stock, valued at approximately $1,263,072. The trade was a 43.18 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have acquired 776,791 shares of company stock valued at $5,139,699 and have sold 1,862,899 shares valued at $12,201,707. 9.75% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Archer Aviation

Several hedge funds have recently bought and sold shares of the business. ARK Investment Management LLC increased its holdings in shares of Archer Aviation by 27.1% during the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock valued at $291,643,000 after acquiring an additional 6,371,647 shares during the last quarter. Vanguard Group Inc. grew its holdings in 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 lifted 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 worth $56,908,000 after acquiring an additional 724,736 shares during the period. Renaissance Technologies LLC bought a new stake in shares of Archer Aviation in the 4th quarter worth approximately $42,709,000. Finally, Ghisallo Capital Management LLC lifted its position in shares of Archer Aviation by 170.7% in the 4th quarter. Ghisallo Capital Management LLC now owns 2,706,760 shares of the company's stock worth $26,391,000 after acquiring an additional 1,706,760 shares during the period. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.