Archer Aviation (NYSE:ACHR) Shares Up 4.1% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR) rose 4.1% on Monday . The stock traded as high as $9.18 and last traded at $9.08. Approximately 10,015,335 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 19,033,899 shares. The stock had previously closed at $8.72.

Wall Street Analyst Weigh In

Several brokerages recently commented on ACHR. Cantor Fitzgerald boosted their price target on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Canaccord Genuity Group raised their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research note on Friday, February 28th. Raymond James upped their price objective on shares of Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Finally, Needham & Company LLC raised their target price on shares of Archer Aviation from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Archer Aviation presently has a consensus rating of “Moderate Buy” and an average target price of $11.61.

Archer Aviation Trading Down 2.1 %

The business has a fifty day moving average price of $8.82 and a two-hundred day moving average price of $6.80. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $4.74 billion, a PE ratio of -6.62 and a beta of 3.14.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.10. Analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In related news, CFO Mark Mesler sold 62,258 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 $479,386.60. Following the completion of the transaction, the chief financial officer now owns 630,243 shares in the company, valued at approximately $4,852,871.10. The trade was a 8.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Eric Lentell sold 43,230 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $332,871.00. Following the sale, the general counsel now owns 53,225 shares in the company, valued at approximately $409,832.50. This trade represents a 44.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 303,985 shares of company stock worth $2,555,685. Insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

Several hedge funds have recently modified their holdings of ACHR. ARK Investment Management LLC grew its position in shares of Archer Aviation by 27.1% during the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock worth $291,643,000 after buying an additional 6,371,647 shares in the last quarter. Vanguard Group Inc. lifted its stake in Archer Aviation by 21.4% in the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company’s stock worth $160,682,000 after acquiring an additional 2,908,859 shares during the last quarter. Geode Capital Management LLC grew its holdings in Archer Aviation by 14.2% during the 4th quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company’s stock worth $56,908,000 after acquiring an additional 724,736 shares in the last quarter. Alyeska Investment Group L.P. increased its position in shares of Archer Aviation by 158.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company’s stock valued at $48,748,000 after purchasing an additional 3,064,280 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of Archer Aviation in the 4th quarter valued at $42,709,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.