Archer Aviation (NYSE:ACHR) Trading 8.5% Higher - Here's What Happened

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price shot up 8.5% during mid-day trading on Monday . The stock traded as high as $10.40 and last traded at $10.33. 50,143,838 shares changed hands during mid-day trading, an increase of 115% from the average session volume of 23,369,936 shares. The stock had previously closed at $9.52.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ACHR. Cantor Fitzgerald boosted their price objective on Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a report on Wednesday, December 18th. Raymond James boosted their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research note on Friday. Needham & Company LLC reaffirmed a "buy" rating and issued a $11.00 price objective on shares of Archer Aviation in a research note on Thursday, January 16th. HC Wainwright reissued a "buy" rating and set a $12.50 target price on shares of Archer Aviation in a research report on Monday, December 16th. Finally, JPMorgan Chase & Co. lowered shares of Archer Aviation from an "overweight" rating to a "neutral" rating and upped their target price for the stock from $6.00 to $9.00 in a report on Friday, January 10th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $11.33.

Archer Aviation Stock Down 9.9 %

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 company has a market cap of $3.88 billion, a price-to-earnings ratio of -6.91 and a beta of 3.13. The stock's fifty day moving average is $9.65 and its two-hundred day moving average is $6.05.

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, insider Tosha Perkins sold 150,000 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $6.40, for a total value of $960,000.00. Following the completion of the sale, the insider now owns 197,355 shares in the company, valued at approximately $1,263,072. This trade represents a 43.18 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder N.V. Stellantis acquired 751,879 shares of the firm's stock in a transaction on Wednesday, December 11th. The stock was purchased at an average price of $6.65 per share, with a total value of $4,999,995.35. Following the purchase, the insider now owns 60,486,841 shares in the company, valued at approximately $402,237,492.65. The trade was a 1.26 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 1,057,729 shares of company stock worth $8,473,770. Insiders own 9.75% of the company's stock.

Institutional Investors Weigh In On Archer Aviation

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. EP Wealth Advisors LLC grew its position in shares of Archer Aviation by 6.7% during the 4th quarter. EP Wealth Advisors LLC now owns 16,000 shares of the company's stock valued at $156,000 after acquiring an additional 1,000 shares during the period. Harbour Investments Inc. grew its position in shares of Archer Aviation by 54.7% during the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock valued at $30,000 after acquiring an additional 1,095 shares during the period. Anchor Investment Management LLC grew its position in shares of Archer Aviation by 58.3% during the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock valued at $32,000 after acquiring an additional 1,224 shares during the period. Sanctuary Advisors LLC grew its position in shares of Archer Aviation by 4.7% during the 4th quarter. Sanctuary Advisors LLC now owns 27,740 shares of the company's stock valued at $257,000 after acquiring an additional 1,246 shares during the period. Finally, Xponance Inc. grew its position in shares of Archer Aviation by 8.5% during the 4th quarter. Xponance Inc. now owns 16,600 shares of the company's stock valued at $162,000 after acquiring an additional 1,299 shares during the period. Hedge funds and other institutional investors 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.