Archer Aviation (NYSE:ACHR) Trading Up 4.6% - Here's What Happened

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price traded up 4.6% during trading on Friday . The company traded as high as $10.14 and last traded at $9.96. 18,560,595 shares traded hands during trading, a decline of 38% from the average session volume of 30,179,092 shares. The stock had previously closed at $9.52.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ACHR. JPMorgan Chase & Co. downgraded Archer Aviation from an "overweight" rating to a "neutral" rating and increased their target price for the company from $6.00 to $9.00 in a report on Friday, January 10th. Canaccord Genuity Group dropped their price objective on shares of Archer Aviation from $14.00 to $13.00 and set a "buy" rating on the stock in a report on Wednesday, February 12th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the company a "buy" rating in a report on Friday, December 13th. Cantor Fitzgerald lifted their price target 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. Finally, Needham & Company LLC restated a "buy" rating and issued a $11.00 price objective on shares of Archer Aviation in a research note on Thursday, January 16th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $11.25.

Archer Aviation Stock Up 8.5 %

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's 50-day moving average price is $9.43 and its 200 day moving average price is $5.90. The stock has a market capitalization of $4.39 billion, a P/E ratio of -7.82 and a beta of 3.13.

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 that occurred 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 sale, the insider now directly owns 197,355 shares of the company's stock, valued at $1,263,072. This trade represents a 43.18 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Thomas Paul Muniz sold 50,000 shares of Archer Aviation stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total transaction of $600,000.00. Following the sale, the chief technology officer now owns 1,070,360 shares in the company, valued at approximately $12,844,320. The trade was a 4.46 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, 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. Insiders own 9.75% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. ARK Investment Management LLC boosted its stake in Archer Aviation by 27.1% during the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock valued at $291,643,000 after buying an additional 6,371,647 shares during the last quarter. Vanguard Group Inc. increased its stake in Archer Aviation by 21.4% in the 4th quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock worth $160,682,000 after acquiring an additional 2,908,859 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Archer Aviation by 14.2% during the 4th quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company's stock valued at $56,908,000 after acquiring an additional 724,736 shares during the last quarter. Alyeska Investment Group L.P. boosted its position in shares of Archer Aviation by 158.3% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock valued at $48,748,000 after acquiring an additional 3,064,280 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new position in shares of Archer Aviation in the fourth quarter valued at $42,709,000. 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.