Archer Aviation (NYSE:ACHR) Stock Price Up 2.9% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR) shares were up 2.9% on Tuesday . The company traded as high as $6.99 and last traded at $7.00. Approximately 7,573,216 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 32,153,031 shares. The stock had previously closed at $6.80.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on ACHR shares. JPMorgan Chase & Co. downgraded Archer Aviation from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Needham & Company LLC boosted their price objective on shares of Archer Aviation from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. Cantor Fitzgerald upped their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Finally, HC Wainwright reissued a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a research note on Friday, February 28th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Archer Aviation currently has an average rating of “Moderate Buy” and a consensus price target of $11.61.

Archer Aviation Trading Down 3.3 %

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 firm has a market capitalization of $3.92 billion, a PE ratio of -5.48 and a beta of 3.14. The business’s fifty day moving average price is $9.13 and its 200 day moving average price is $6.47.

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

Insiders Place Their Bets

In other news, insider Tosha Perkins sold 49,273 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 transaction of $379,402.10. Following the completion of the sale, the insider now directly owns 232,396 shares in the company, valued at $1,789,449.20. This represents a 17.49 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, General Counsel Eric Lentell sold 43,230 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $332,871.00. Following the completion of the transaction, the general counsel now directly owns 53,225 shares in the company, valued at $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 ninety days, insiders have sold 545,498 shares of company stock valued at $4,920,815. Insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barclays PLC lifted its stake in shares of Archer Aviation by 272.7% in the 3rd quarter. Barclays PLC now owns 427,023 shares of the company’s stock valued at $1,294,000 after purchasing an additional 312,440 shares in the last quarter. Private Advisor Group LLC lifted its position in Archer Aviation by 253.4% during the fourth quarter. Private Advisor Group LLC now owns 51,376 shares of the company’s stock valued at $501,000 after buying an additional 36,840 shares in the last quarter. HBK Investments L P purchased a new stake in Archer Aviation during the third quarter worth approximately $6,818,000. ARK Investment Management LLC increased its position in shares of 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 acquiring an additional 6,371,647 shares in the last quarter. Finally, Yarbrough Capital LLC purchased a new position in shares of Archer Aviation in the 4th quarter valued at $6,039,000. 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.