Archer Aviation (NYSE:ACHR) Stock Price Up 4.1% - Here's Why

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) rose 4.1% during mid-day trading on Monday . The stock traded as high as $9.18 and last traded at $9.08. Approximately 10,015,335 shares were traded during mid-day trading, a decline of 47% from the average daily volume of 19,033,899 shares. The stock had previously closed at $8.72.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Canaccord Genuity Group lifted their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research note 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 note on Friday, January 10th. HC Wainwright reiterated a "buy" rating and set a $12.50 price objective on shares of Archer Aviation in a research note on Friday, February 28th. Needham & Company LLC upped their target price on shares of Archer Aviation from $11.00 to $13.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Finally, Cantor Fitzgerald increased their price objective on Archer Aviation from $10.00 to $13.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 18th. Two equities research 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 target price of $11.61.

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Archer Aviation Stock Performance

The business has a 50 day moving average price of $8.75 and a two-hundred day moving average price of $6.87. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a market cap of $3.94 billion, a P/E ratio of -5.50 and a beta of 3.14.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping analysts' consensus estimates of ($0.40) by $0.10. On average, sell-side analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Activity at Archer Aviation

In other Archer Aviation news, CTO Thomas Paul Muniz sold 50,000 shares of the stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $12.00, for a total transaction of $600,000.00. Following the transaction, the chief technology officer now owns 1,070,360 shares in the company, valued at approximately $12,844,320. This represents a 4.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Tosha Perkins sold 49,273 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $379,402.10. Following the completion of the sale, the insider now owns 232,396 shares of the company's stock, valued at $1,789,449.20. This trade represents a 17.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 303,985 shares of company stock valued at $2,555,685 in the last ninety days. Corporate insiders own 9.75% of the company's stock.

Hedge Funds Weigh In On Archer Aviation

Several hedge funds and other institutional investors have recently made changes to their positions in ACHR. Sunbelt Securities Inc. acquired a new position in Archer Aviation during the fourth quarter worth about $27,000. Conquis Financial LLC acquired a new stake in Archer Aviation in the 4th quarter valued at approximately $29,000. Oarsman Capital Inc. lifted its stake in Archer Aviation by 471.7% during the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company's stock worth $30,000 after acquiring an additional 2,547 shares in the last quarter. Harbour Investments Inc. grew its stake in shares of Archer Aviation by 54.7% in the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock worth $30,000 after acquiring an additional 1,095 shares in the last quarter. Finally, Anchor Investment Management LLC increased its position in shares of Archer Aviation by 58.3% during the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock worth $32,000 after acquiring an additional 1,224 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.