Archer Aviation (NYSE:ACHR) Trading 11.4% Higher - Here's What Happened

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) traded up 11.4% during mid-day trading on Tuesday . The company traded as high as $9.67 and last traded at $9.83. 15,793,469 shares traded hands during trading, a decline of 52% from the average session volume of 32,715,354 shares. The stock had previously closed at $8.82.

Wall Street Analysts Forecast Growth

Several analysts have commented on ACHR shares. JPMorgan Chase & Co. downgraded 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 research report on Friday, January 10th. HC Wainwright reissued a "buy" rating and issued a $12.50 target price on shares of Archer Aviation in a research report on Monday, December 16th. Cantor Fitzgerald boosted their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a "buy" rating in a research report on Friday, December 13th. Finally, Canaccord Genuity Group boosted their target price on shares of Archer Aviation from $11.00 to $14.00 and gave the stock a "buy" rating in a research report on Wednesday, January 8th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $11.38.

Archer Aviation Trading Up 9.6 %

The company has a market cap of $4.11 billion, a price-to-earnings ratio of -7.34 and a beta of 3.15. 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 business's 50 day moving average price is $8.26 and its 200-day moving average price is $5.26.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.05). During the same period last year, the business posted ($0.19) EPS. On average, research analysts forecast that Archer Aviation Inc. will post -1.31 EPS for the current year.

Insiders Place Their Bets

In other Archer Aviation news, Director Deborah Diaz bought 5,150 shares of Archer Aviation stock in a transaction dated Monday, November 25th. The shares were bought at an average price of $7.48 per share, with a total value of $38,522.00. Following the purchase, the director now owns 98,886 shares of the company's stock, valued at $739,667.28. This trade represents a 5.49 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CTO Thomas Paul Muniz sold 50,000 shares of the firm's stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total transaction of $600,000.00. Following the completion of the transaction, the chief technology officer now directly owns 1,070,360 shares in the company, valued at $12,844,320. This trade represents a 4.46 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 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

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC boosted its stake in Archer Aviation by 5.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company's stock worth $15,487,000 after acquiring an additional 268,896 shares during the last quarter. HBK Investments L P acquired a new stake in Archer Aviation during the 3rd quarter worth approximately $6,818,000. Charles Schwab Investment Management Inc. raised its holdings in Archer Aviation by 5.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company's stock worth $5,547,000 after buying an additional 94,430 shares during the period. Sora Investors LLC acquired a new stake in Archer Aviation during the 3rd quarter worth approximately $3,429,000. Finally, Intellectus Partners LLC raised its holdings in Archer Aviation by 1.3% during the 3rd quarter. Intellectus Partners LLC now owns 919,020 shares of the company's stock worth $2,790,000 after buying an additional 11,800 shares during the period. 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.

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