Archer Aviation (NYSE:ACHR) Shares Up 1.9% - Here's Why

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) were up 1.9% during mid-day trading on Tuesday . The company traded as high as $7.28 and last traded at $7.28. Approximately 4,035,597 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 20,524,729 shares. The stock had previously closed at $7.14.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Canaccord Genuity Group upped their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research note on Friday, February 28th. Raymond James increased their target price on Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a report on Friday, February 21st. Needham & Company LLC reissued a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a research report on Monday. JPMorgan Chase & Co. downgraded shares of 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 report on Friday, January 10th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $12.50 target price on shares of Archer Aviation in a report on Friday, February 28th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Archer Aviation has an average rating of "Moderate Buy" and an average price target of $11.61.

Archer Aviation Price Performance

The stock has a market capitalization of $4.37 billion, a price-to-earnings ratio of -6.11 and a beta of 3.16. The company has a 50 day moving average of $7.81 and a 200 day moving average of $7.36. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings results 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. As a group, equities research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Activity at Archer Aviation

In other news, insider Tosha Perkins sold 49,273 shares of the firm's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $379,402.10. Following the transaction, the insider now directly owns 232,396 shares of the company's stock, valued at approximately $1,789,449.20. This trade represents a 17.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Thomas Paul Muniz sold 99,224 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $764,024.80. Following the completion of the sale, the chief technology officer now owns 1,131,443 shares of the company's stock, valued at $8,712,111.10. The trade was a 8.06 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 424,780 shares of company stock worth $3,158,081. 9.75% of the stock is currently owned by company insiders.

Institutional Trading of Archer Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ACHR. Barclays PLC boosted its position in Archer Aviation by 272.7% during the 3rd quarter. Barclays PLC now owns 427,023 shares of the company's stock worth $1,294,000 after acquiring an additional 312,440 shares during the last quarter. Geode Capital Management LLC lifted its holdings 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 acquiring an additional 268,896 shares during the period. Sanctuary Advisors LLC acquired a new stake in Archer Aviation in the third quarter valued at about $80,000. Tidal Investments LLC grew its stake in shares of Archer Aviation by 29.9% during the third quarter. Tidal Investments LLC now owns 14,518 shares of the company's stock worth $44,000 after buying an additional 3,339 shares during the last quarter. Finally, Versant Capital Management Inc grew its holdings in Archer Aviation by 74.3% during the 4th quarter. Versant Capital Management Inc now owns 8,048 shares of the company's stock worth $78,000 after acquiring an additional 3,430 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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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