Archer Aviation (NYSE:ACHR) Shares Up 8% on Analyst Upgrade

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price rose 8% during trading on Wednesday after Cantor Fitzgerald raised their price target on the stock from $10.00 to $13.00. Cantor Fitzgerald currently has an overweight rating on the stock. Archer Aviation traded as high as $10.33 and last traded at $9.82. Approximately 28,137,382 shares were traded during mid-day trading, an increase of 131% from the average daily volume of 12,174,210 shares. The stock had previously closed at $9.09.

A number of other analysts also recently commented on the company. Deutsche Bank Aktiengesellschaft upped their price objective on Archer Aviation from $11.00 to $15.00 and gave the stock a "buy" rating in a report on Friday, December 13th. HC Wainwright restated a "buy" rating and set a $12.50 price target on shares of Archer Aviation in a research note on Monday. Needham & Company LLC assumed coverage on Archer Aviation in a research note on Tuesday, November 19th. They issued a "buy" rating and a $11.00 price objective on the stock. Finally, Canaccord Genuity Group boosted their target price on Archer Aviation from $8.50 to $11.00 and gave the stock a "buy" rating in a report on Friday, December 13th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Archer Aviation has an average rating of "Moderate Buy" and a consensus target price of $10.63.

Insider Activity

In other news, CTO Thomas Paul Muniz sold 50,000 shares of the business's stock in a transaction on Monday, December 16th. The shares were sold at an average price of $9.00, for a total transaction of $450,000.00. Following the transaction, the chief technology officer now directly owns 1,120,360 shares of the company's stock, valued at approximately $10,083,240. The trade was a 4.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Tosha Perkins sold 150,000 shares of the company's stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $6.40, for a total transaction of $960,000.00. Following the completion of the transaction, the insider now owns 197,355 shares of the company's stock, valued at $1,263,072. This trade represents a 43.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 776,791 shares of company stock worth $5,139,699 and sold 1,621,386 shares worth $9,686,577. Insiders own 9.75% of the company's stock.

Institutional Trading of Archer Aviation

Large investors have recently modified their holdings of the business. HBK Investments L P acquired a new position in shares of Archer Aviation in the third quarter worth about $6,818,000. Sora Investors LLC purchased a new stake in Archer Aviation during the 3rd quarter worth approximately $3,429,000. Stifel Financial Corp raised its position in shares of Archer Aviation by 574.5% in the 3rd quarter. Stifel Financial Corp now owns 459,171 shares of the company's stock valued at $1,391,000 after purchasing an additional 391,092 shares in the last quarter. Barclays PLC boosted its stake in shares of Archer Aviation by 272.7% during the 3rd quarter. Barclays PLC now owns 427,023 shares of the company's stock valued at $1,294,000 after buying an additional 312,440 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Archer Aviation by 5.6% during the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company's stock worth $15,487,000 after buying an additional 268,896 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Archer Aviation Trading Down 1.5 %

The firm has a market cap of $3.81 billion, a P/E ratio of -6.78 and a beta of 3.19. The business's 50 day moving average is $5.12 and its 200-day moving average is $4.18. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the prior year, the company earned ($0.19) EPS. As a group, analysts forecast that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.

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.