Archer Aviation (NYSE:ACHR) Shares Up 4.1% on Analyst Upgrade

Shares of Archer Aviation Inc. (NYSE:ACHR) were up 4.1% during trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $9.00 to $10.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Archer Aviation traded as high as $10.23 and last traded at $10.04. Approximately 11,282,701 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 33,045,180 shares. The stock had previously closed at $9.64.

A number of other equities analysts have also recently commented on the stock. Canaccord Genuity Group reissued a “buy” rating on shares of Archer Aviation in a research note on Thursday, July 17th. Needham & Company LLC reissued a “buy” rating and issued a $13.00 price target on shares of Archer Aviation in a research note on Tuesday, May 13th. UBS Group reissued a “buy” rating on shares of Archer Aviation in a research note on Thursday, July 17th. HC Wainwright reissued a “buy” rating and issued a $18.00 price target (up previously from $12.00) on shares of Archer Aviation in a research note on Monday, June 9th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Archer Aviation in a research note on Thursday, July 17th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $13.25.

Insider Buying and Selling

In other news, General Counsel Eric Lentell sold 95,896 shares of the company’s stock in a transaction on Monday, June 30th. The shares were sold at an average price of $10.60, for a total value of $1,016,497.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark Mesler sold 50,775 shares of the company’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $659,567.25. Following the completion of the sale, the chief financial officer directly owned 711,525 shares of the company’s stock, valued at $9,242,709.75. This trade represents a 6.66% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 326,960 shares of company stock worth $4,018,019 in the last ninety days. 7.65% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Archer Aviation

Institutional investors have recently made changes to their positions in the business. EP Wealth Advisors LLC boosted its position in Archer Aviation by 6.7% during the 4th quarter. EP Wealth Advisors LLC now owns 16,000 shares of the company’s stock valued at $156,000 after buying an additional 1,000 shares during the period. Farther Finance Advisors LLC boosted its position in Archer Aviation by 45.7% during the 2nd quarter. Farther Finance Advisors LLC now owns 3,524 shares of the company’s stock valued at $38,000 after buying an additional 1,106 shares during the period. Moody National Bank Trust Division boosted its position in Archer Aviation by 0.7% during the 2nd quarter. Moody National Bank Trust Division now owns 169,345 shares of the company’s stock valued at $1,837,000 after buying an additional 1,211 shares during the period. Anchor Investment Management LLC boosted its position in Archer Aviation by 58.3% during the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock valued at $32,000 after buying an additional 1,224 shares during the period. Finally, Kestra Private Wealth Services LLC boosted its position in Archer Aviation by 8.7% during the 1st quarter. Kestra Private Wealth Services LLC now owns 17,018 shares of the company’s stock valued at $121,000 after buying an additional 1,358 shares during the period. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Archer Aviation Stock Up 8.2%

The firm has a market cap of $5.73 billion, a PE ratio of -7.96 and a beta of 3.08. The company has a debt-to-equity ratio of 0.07, a quick ratio of 15.80 and a current ratio of 15.80. The company’s 50-day simple moving average is $10.64 and its two-hundred day simple moving average is $9.35.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Monday, May 12th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.04. On average, 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.