Archer Aviation (NYSE:ACHR) Trading 10.4% Higher - Here's What Happened

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price was up 10.4% during trading on Wednesday . The company traded as high as $8.19 and last traded at $8.10. Approximately 13,874,112 shares were traded during trading, a decline of 33% from the average daily volume of 20,605,658 shares. The stock had previously closed at $7.34.

Analyst Upgrades and Downgrades

Several brokerages have commented on ACHR. HC Wainwright restated a "buy" rating and issued a $12.50 price objective on shares of Archer Aviation in a report on Friday, February 28th. Raymond James upped their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research note on Friday, February 21st. JPMorgan Chase & Co. lowered shares of Archer Aviation from an "overweight" rating to a "neutral" rating and lifted their price target for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Needham & Company LLC reaffirmed a "buy" rating and issued a $13.00 target price on shares of Archer Aviation in a research report on Monday. Finally, Canaccord Genuity Group increased their price target on Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a report on Friday, February 28th. Two equities 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, Archer Aviation has an average rating of "Moderate Buy" and an average price target of $11.61.

Archer Aviation Stock Up 10.9 %

The firm has a market cap of $4.42 billion, a P/E ratio of -6.17 and a beta of 3.16. The company has a fifty day simple moving average of $7.85 and a 200-day simple moving average of $7.36. 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 announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.10. On average, equities analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Buying and Selling

In other news, General Counsel Eric Lentell sold 50,004 shares of the firm's stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $7.04, for a total transaction of $352,028.16. Following the completion of the transaction, the general counsel now owns 45,416 shares in the company, valued at $319,728.64. This trade represents a 52.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Mark Mesler sold 62,258 shares of the business's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $479,386.60. Following the completion of the sale, the chief financial officer now owns 630,243 shares in the company, valued at $4,852,871.10. This represents a 8.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 424,780 shares of company stock worth $3,158,081. 9.75% of the stock is owned by corporate insiders.

Institutional Trading of Archer Aviation

Institutional investors have recently added to or reduced their stakes in the company. Barclays PLC boosted its stake in shares of Archer Aviation by 272.7% during the third quarter. Barclays PLC now owns 427,023 shares of the company's stock valued at $1,294,000 after purchasing an additional 312,440 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Archer Aviation by 24.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,277,530 shares of the company's stock valued at $22,206,000 after purchasing an additional 446,864 shares during the period. Private Advisor Group LLC grew its stake in Archer Aviation by 253.4% in the fourth quarter. Private Advisor Group LLC now owns 51,376 shares of the company's stock worth $501,000 after purchasing an additional 36,840 shares in the last quarter. ARK Investment Management LLC increased its holdings in Archer Aviation by 27.1% during the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock worth $291,643,000 after purchasing an additional 6,371,647 shares during the period. Finally, Yarbrough Capital LLC purchased a new stake in shares of Archer Aviation in the 4th quarter worth $6,039,000. 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.

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