Archer Aviation (NYSE:ACHR) Shares Up 1.8% - Here's What Happened

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shares traded up 1.8% during mid-day trading on Friday . The company traded as high as $9.40 and last traded at $9.26. 8,338,325 shares were traded during trading, a decline of 75% from the average session volume of 32,722,143 shares. The stock had previously closed at $9.09.

Analysts Set New Price Targets

Several analysts have recently commented on ACHR shares. HC Wainwright reiterated a "buy" rating and issued a $12.50 target price on shares of Archer Aviation in a report on Monday, December 16th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the company a "buy" rating in a research note on Friday, December 13th. Needham & Company LLC restated a "buy" rating and issued a $11.00 target price on shares of Archer Aviation in a research note on Thursday. Canaccord Genuity Group increased their price target on Archer Aviation from $11.00 to $14.00 and gave the company a "buy" rating in a research report on Wednesday, January 8th. Finally, JPMorgan Chase & Co. lowered 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 report on Friday, January 10th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $11.38.

Archer Aviation Trading Down 3.2 %

The firm has a 50 day moving average of $8.17 and a 200 day moving average of $5.21. The firm has a market cap of $3.74 billion, a PE ratio of -6.66 and a beta of 3.15. 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 issued its quarterly earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.05). During the same quarter in the previous year, the firm earned ($0.19) earnings per share. Equities analysts anticipate that Archer Aviation Inc. will post -1.33 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder N.V. Stellantis acquired 751,879 shares of the firm's stock in a transaction that occurred on Wednesday, December 11th. The shares were bought at an average cost of $6.65 per share, for a total transaction of $4,999,995.35. Following the purchase, the insider now owns 60,486,841 shares in the company, valued at $402,237,492.65. This trade represents a 1.26 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Adam D. Goldstein sold 805,170 shares of the firm's stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total value of $3,727,937.10. Following the completion of the transaction, the chief executive officer now owns 4,197,136 shares of the company's stock, valued at approximately $19,432,739.68. This represents a 16.10 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders acquired 776,791 shares of company stock worth $5,139,699 and sold 1,862,899 shares worth $12,201,707. Company insiders own 9.75% of the company's stock.

Institutional Investors Weigh In On Archer Aviation

Several hedge funds and other institutional investors have recently modified their holdings of ACHR. Barclays PLC grew its stake in 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 acquiring an additional 312,440 shares in the last quarter. HBK Investments L P bought a new position in Archer Aviation in the 3rd quarter valued at $6,818,000. Benjamin Edwards Inc. grew its position in shares of Archer Aviation by 12,656.1% during the 3rd quarter. Benjamin Edwards Inc. now owns 106,258 shares of the company's stock valued at $322,000 after purchasing an additional 105,425 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Archer Aviation by 5.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company's stock worth $5,547,000 after purchasing an additional 94,430 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Archer Aviation by 5.6% in the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company's stock worth $15,487,000 after buying an additional 268,896 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors.

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.