Archer Aviation (NYSE:ACHR) Shares Up 8% on Analyst Upgrade

Shares of Archer Aviation Inc. (NYSE:ACHR) were up 8% during mid-day trading on Wednesday after Cantor Fitzgerald raised their price target on the stock from $10.00 to $13.00. Cantor Fitzgerald currently has an overweight rating on the stock. Archer Aviation traded as high as $10.33 and last traded at $9.82. 28,137,382 shares traded hands during trading, an increase of 131% from the average daily volume of 12,174,210 shares. The stock had previously closed at $9.09.

ACHR has been the subject of several other reports. Deutsche Bank Aktiengesellschaft raised their target price on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Needham & Company LLC began coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price target for the company. HC Wainwright reiterated a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a research note on Monday. Finally, Canaccord Genuity Group upped their price objective on Archer Aviation from $8.50 to $11.00 and gave the company a “buy” rating in a research note on Friday, December 13th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $10.63.

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, CEO Adam D. Goldstein sold 805,170 shares of Archer Aviation stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the sale, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at approximately $19,432,739.68. The trade was a 16.10 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Thomas Paul Muniz sold 438,428 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $7.59, for a total value of $3,327,668.52. Following the completion of the sale, the chief technology officer now directly owns 1,170,360 shares in the company, valued at approximately $8,883,032.40. The trade was a 27.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders bought 776,791 shares of company stock valued at $5,139,699 and sold 1,621,386 shares valued at $9,686,577. 9.75% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Archer Aviation

A number of institutional investors have recently modified their holdings of the stock. Miller Wealth Advisors LLC purchased a new stake in shares of Archer Aviation during the third quarter valued at $26,000. Code Waechter LLC purchased a new stake in shares of Archer Aviation during the third quarter worth about $30,000. Azzad Asset Management Inc. ADV bought a new stake in shares of Archer Aviation during the third quarter valued at approximately $31,000. Hollencrest Capital Management grew its position in shares of Archer Aviation by 50.0% during the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after purchasing an additional 3,000 shares in the last quarter. Finally, CWM LLC increased its stake in Archer Aviation by 62.0% in the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after acquiring an additional 3,559 shares during the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

Archer Aviation Trading Down 1.5 %

The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock’s 50 day moving average is $5.12 and its 200-day moving average is $4.18. The company has a market cap of $3.81 billion, a PE ratio of -6.78 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter last year, the firm earned ($0.19) EPS. As a group, sell-side analysts anticipate that Archer Aviation Inc. will post -1.28 EPS for the current year.

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.