Archer Aviation (NYSE:ACHR) Trading 2.5% Higher – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s share price shot up 2.5% on Friday . The stock traded as high as $7.60 and last traded at $7.23. 20,961,056 shares traded hands during mid-day trading, an increase of 2% from the average session volume of 20,481,510 shares. The stock had previously closed at $7.05.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on ACHR shares. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an “overweight” rating to a “neutral” rating and increased their price objective for the stock from $6.00 to $9.00 in a research report on Friday, January 10th. Needham & Company LLC lifted their price target on Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Raymond James upped their price objective on Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. HC Wainwright reissued a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a research report on Friday, February 28th. Finally, Canaccord Genuity Group upped their price target on Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research report on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $11.61.

Archer Aviation Stock Performance

The company has a market cap of $3.92 billion, a P/E ratio of -5.47 and a beta of 3.16. The stock has a 50 day moving average price of $7.94 and a two-hundred day moving average price of $7.30. 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) last announced its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.10. On average, research analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Activity at Archer Aviation

In related news, General Counsel Eric Lentell sold 43,230 shares of Archer Aviation stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $332,871.00. Following the transaction, the general counsel now directly owns 53,225 shares of the company’s stock, valued at $409,832.50. This trade represents a 44.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mark Mesler sold 62,258 shares of the company’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $479,386.60. Following the sale, the chief financial officer now owns 630,243 shares of the company’s stock, valued at $4,852,871.10. The trade was a 8.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 424,780 shares of company stock worth $3,158,081. Company insiders own 9.75% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ACHR. Sunbelt Securities Inc. bought a new stake in shares of Archer Aviation during the 4th quarter valued at approximately $27,000. Conquis Financial LLC bought a new stake in shares of Archer Aviation during the fourth quarter worth $29,000. Harbour Investments Inc. increased its holdings in shares of Archer Aviation by 54.7% during the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock worth $30,000 after buying an additional 1,095 shares in the last quarter. Oarsman Capital Inc. increased its holdings in shares of Archer Aviation by 471.7% during the fourth quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock worth $30,000 after buying an additional 2,547 shares in the last quarter. Finally, Anchor Investment Management LLC lifted its stake in shares of Archer Aviation by 58.3% in the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock valued at $32,000 after acquiring an additional 1,224 shares during the last quarter. Institutional investors and hedge funds 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.