Archer Aviation (NYSE:ACHR) Stock Price Up 0.8% - Here's What Happened

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price traded up 0.8% on Thursday . The company traded as high as $7.60 and last traded at $7.11. 10,172,543 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 20,372,058 shares. The stock had previously closed at $7.05.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ACHR. HC Wainwright reiterated a "buy" rating and set a $12.50 price target on shares of Archer Aviation in a report on Friday, February 28th. Canaccord Genuity Group increased their target price on Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research report on Friday, February 28th. Raymond James boosted their price target on Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a report on Friday, February 21st. Needham & Company LLC raised their price objective on shares of Archer Aviation from $11.00 to $13.00 and gave the company a "buy" rating in a report on Friday, February 28th. Finally, JPMorgan Chase & Co. lowered shares of Archer Aviation from an "overweight" rating to a "neutral" rating and boosted their target price for the stock from $6.00 to $9.00 in a report on Friday, January 10th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $11.61.

Archer Aviation Price Performance

The business's 50-day simple moving average is $7.94 and its two-hundred day simple moving average is $7.30. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The firm has a market cap of $3.92 billion, a price-to-earnings ratio of -5.47 and a beta of 3.16.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.10. As a group, research analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Buying and Selling

In other news, General Counsel Eric Lentell sold 50,004 shares of the firm's stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $352,028.16. Following the completion of the sale, the general counsel now owns 45,416 shares of the company's stock, valued at $319,728.64. This trade represents a 52.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Tosha Perkins sold 33,335 shares of the business's stock in a transaction on Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $234,678.40. Following the transaction, the insider now owns 262,673 shares in the company, valued at $1,849,217.92. The trade was a 11.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 424,780 shares of company stock valued at $3,158,081 over the last 90 days. Company insiders own 9.75% 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 the stock. EP Wealth Advisors LLC raised its stake in Archer Aviation by 6.7% during the 4th quarter. EP Wealth Advisors LLC now owns 16,000 shares of the company's stock worth $156,000 after buying an additional 1,000 shares during the period. Harbour Investments Inc. raised its position in shares of Archer Aviation by 54.7% during the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock worth $30,000 after purchasing an additional 1,095 shares during the period. Anchor Investment Management LLC lifted its holdings in shares of Archer Aviation by 58.3% in the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock worth $32,000 after purchasing an additional 1,224 shares in the last quarter. Sanctuary Advisors LLC grew its position in Archer Aviation by 4.7% in the 4th quarter. Sanctuary Advisors LLC now owns 27,740 shares of the company's stock valued at $257,000 after purchasing an additional 1,246 shares during the period. Finally, Xponance Inc. increased its stake in 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 purchasing an additional 1,299 shares in the last quarter. Institutional investors own 59.34% of the company's stock.

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.