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

Archer Aviation Inc. (NYSE:ACHR)’s stock price gapped up before the market opened on Monday after HC Wainwright raised their price target on the stock from $12.00 to $18.00. The stock had previously closed at $10.19, but opened at $11.43. HC Wainwright currently has a buy rating on the stock. Archer Aviation shares last traded at $10.97, with a volume of 23,156,198 shares traded.

A number of other research analysts also recently commented on the stock. Canaccord Genuity Group upped their price objective 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 boosted 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 reiterated a “buy” rating and set a $13.00 target price on shares of Archer Aviation in a report on Tuesday, May 13th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $13.00 price target on shares of Archer Aviation in a report on Friday, May 16th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Archer Aviation has an average rating of “Moderate Buy” and a consensus target price of $13.19.

Insider Activity

In other Archer Aviation news, CFO Mark Mesler sold 34,498 shares of the firm’s stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $7.04, for a total transaction of $242,865.92. Following the completion of the sale, the chief financial officer now directly owns 659,357 shares in the company, valued at approximately $4,641,873.28. This trade represents a 4.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Priya Gupta sold 13,210 shares of Archer Aviation stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $12.99, for a total value of $171,597.90. Following the sale, the chief financial officer now owns 134,104 shares of the company’s stock, valued at approximately $1,742,010.96. This represents a 8.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 451,859 shares of company stock valued at $4,627,418. Company insiders own 7.65% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ACHR. EP Wealth Advisors LLC boosted its holdings in Archer Aviation by 6.7% in the fourth quarter. EP Wealth Advisors LLC now owns 16,000 shares of the company’s stock valued at $156,000 after acquiring an additional 1,000 shares during the last quarter. Harbour Investments Inc. grew 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. Anchor Investment Management LLC grew its holdings in shares of Archer Aviation by 58.3% during the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock worth $32,000 after buying an additional 1,224 shares in the last quarter. Sanctuary Advisors LLC grew its holdings in shares of Archer Aviation by 4.7% during the fourth quarter. Sanctuary Advisors LLC now owns 27,740 shares of the company’s stock worth $257,000 after buying an additional 1,246 shares in the last quarter. Finally, Xponance Inc. grew its holdings in shares of Archer Aviation by 8.5% during the fourth quarter. Xponance Inc. now owns 16,600 shares of the company’s stock worth $162,000 after buying an additional 1,299 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Archer Aviation Stock Performance

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 has a fifty day moving average of $8.98 and a 200-day moving average of $8.87. The firm has a market capitalization of $6.21 billion, a P/E ratio of -8.57 and a beta of 3.13.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Monday, May 12th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.04. On average, research analysts anticipate that Archer Aviation Inc. will post -1.32 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.