Archer Aviation (NYSE:ACHR) Shares Up 7.7% on Analyst Upgrade

Archer Aviation Inc. (NYSE:ACHR)’s share price shot up 7.7% on Monday after HC Wainwright raised their price target on the stock from $12.00 to $18.00. HC Wainwright currently has a buy rating on the stock. Archer Aviation traded as high as $11.44 and last traded at $10.98. 35,849,812 shares traded hands during mid-day trading, an increase of 49% from the average session volume of 24,136,212 shares. The stock had previously closed at $10.19.

Several other analysts also recently weighed in on ACHR. Raymond James boosted their target price on Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Friday, February 21st. Cantor Fitzgerald reiterated an “overweight” rating and set a $13.00 target price on shares of Archer Aviation in a research report on Friday, May 16th. 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 report on Friday, February 28th. Finally, Needham & Company LLC restated a “buy” rating and issued a $13.00 price target on shares of Archer Aviation in a report on Tuesday, May 13th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.19.

Insiders Place Their Bets

In other Archer Aviation news, CTO Thomas Paul Muniz sold 80,919 shares of the firm’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $12.99, for a total value of $1,051,137.81. Following the transaction, the chief technology officer now directly owns 1,253,294 shares of the company’s stock, valued at $16,280,289.06. This trade represents a 6.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Mark Mesler sold 34,498 shares of the firm’s stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $7.04, for a total value of $242,865.92. Following the completion of the transaction, the chief financial officer now directly owns 659,357 shares in the company, valued at $4,641,873.28. This trade represents a 4.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 451,859 shares of company stock valued at $4,627,418 in the last quarter. 7.65% of the stock is currently owned by company insiders.

Institutional Trading of Archer Aviation

Several large investors have recently modified their holdings of ACHR. ARK Investment Management LLC grew its stake in Archer Aviation by 27.1% in the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock worth $291,643,000 after purchasing an additional 6,371,647 shares in the last quarter. Renaissance Technologies LLC bought a new stake in shares of Archer Aviation during the fourth quarter valued at approximately $42,709,000. Vanguard Group Inc. raised its holdings in shares of Archer Aviation by 19.7% during the first quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company’s stock valued at $140,275,000 after buying an additional 3,249,106 shares during the last quarter. Nuveen LLC bought a new stake in shares of Archer Aviation during the first quarter valued at approximately $22,423,000. Finally, Alyeska Investment Group L.P. raised its holdings in shares of Archer Aviation by 158.3% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company’s stock valued at $48,748,000 after buying an additional 3,064,280 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Archer Aviation Stock Performance

The stock has a market cap of $6.21 billion, a P/E ratio of -8.57 and a beta of 3.13. The company has a fifty day moving average of $8.98 and a 200 day moving average of $8.87. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Monday, May 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.04. On average, equities analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal 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.