Archer Aviation (NYSE:ACHR) Shares Up 0.2% - Here's What Happened

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price rose 0.2% during trading on Wednesday . The company traded as high as $6.64 and last traded at $6.42. Approximately 7,490,559 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 19,984,522 shares. The stock had previously closed at $6.40.

Wall Street Analysts Forecast Growth

ACHR has been the subject of several research reports. Raymond James increased their price objective on Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a report on Friday, February 21st. JPMorgan Chase & Co. downgraded Archer Aviation from an "overweight" rating to a "neutral" rating and increased their price target for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Cantor Fitzgerald boosted their price objective on Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a research note on Wednesday, December 18th. Needham & Company LLC upped 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, Canaccord Genuity Group lifted their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a research note on Friday, February 28th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $11.61.

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Archer Aviation Stock Down 1.7 %

The company's 50 day simple moving average is $8.08 and its 200-day simple moving average is $7.21. 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 firm has a market capitalization of $3.87 billion, a PE ratio of -5.40 and a beta of 3.16.

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

Insider Activity

In related news, insider Tosha Perkins sold 49,273 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $379,402.10. Following the transaction, the insider now owns 232,396 shares of the company's stock, valued at $1,789,449.20. This represents a 17.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Eric Lentell sold 43,230 shares of Archer Aviation stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $332,871.00. Following the sale, the general counsel now directly owns 53,225 shares of the company's stock, valued at approximately $409,832.50. This trade represents a 44.82 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 424,780 shares of company stock worth $3,158,081. 9.75% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Archer Aviation

Large investors have recently modified their holdings of the company. Sunbelt Securities Inc. bought a new position in Archer Aviation during the fourth quarter valued at approximately $27,000. Conquis Financial LLC purchased a new stake in shares of Archer Aviation in the 4th quarter valued at $29,000. Harbour Investments Inc. grew its holdings in shares of Archer Aviation by 54.7% during the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock valued at $30,000 after purchasing an additional 1,095 shares during the last quarter. Oarsman Capital Inc. raised its position in Archer Aviation by 471.7% in the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company's stock worth $30,000 after purchasing an additional 2,547 shares during the period. Finally, Anchor Investment Management LLC lifted its stake in Archer Aviation by 58.3% in the fourth 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 during the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.