Archer Aviation (NYSE:ACHR) Trading 1% Higher - Here's What Happened

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price traded up 1% during trading on Thursday . The stock traded as high as $9.61 and last traded at $8.88. 12,904,074 shares were traded during trading, a decline of 62% from the average session volume of 33,870,820 shares. The stock had previously closed at $8.79.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Needham & Company LLC restated a "buy" rating and issued a $11.00 price objective on shares of Archer Aviation in a report on Thursday. HC Wainwright restated a "buy" rating and issued a $12.50 price target on shares of Archer Aviation in a research report on Monday, December 16th. Cantor Fitzgerald raised their target price on Archer Aviation from $10.00 to $13.00 and gave the stock an "overweight" rating in a report on Wednesday, December 18th. Canaccord Genuity Group upped their price target on Archer Aviation from $11.00 to $14.00 and gave the company a "buy" rating in a research note on Wednesday, January 8th. Finally, JPMorgan Chase & Co. lowered shares of Archer Aviation from an "overweight" rating to a "neutral" rating and lifted their price objective for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Archer Aviation has a consensus rating of "Moderate Buy" and an average target price of $11.38.

Archer Aviation Price Performance

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 $3.74 billion, a price-to-earnings ratio of -6.66 and a beta of 3.15. The company has a 50-day moving average of $8.17 and a 200-day moving average of $5.22.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the prior year, the company earned ($0.19) EPS. As a group, research analysts anticipate that Archer Aviation Inc. will post -1.33 EPS for the current fiscal year.

Insider Activity

In other news, CEO Adam D. Goldstein sold 805,170 shares of the business's stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total value of $3,727,937.10. Following the sale, the chief executive officer now owns 4,197,136 shares of the company's stock, valued at $19,432,739.68. The trade was a 16.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Thomas Paul Muniz sold 50,000 shares of the stock in a transaction 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 of the company's stock, valued at $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 three months, insiders have bought 776,791 shares of company stock worth $5,139,699 and have sold 1,862,899 shares worth $12,201,707. Corporate insiders own 9.75% of the company's stock.

Institutional Trading of Archer Aviation

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC increased its position in shares of 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 purchasing an additional 268,896 shares during the last quarter. HBK Investments L P bought a new position in shares of Archer Aviation in the third quarter valued at $6,818,000. Charles Schwab Investment Management Inc. increased its holdings in Archer Aviation by 5.4% during the third 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 last quarter. Sora Investors LLC bought a new stake in Archer Aviation during the third quarter worth $3,429,000. Finally, Intellectus Partners LLC lifted its stake in Archer Aviation by 1.3% in the third quarter. Intellectus Partners LLC now owns 919,020 shares of the company's stock valued at $2,790,000 after acquiring an additional 11,800 shares during the last quarter. 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.