Archer Aviation (NYSE:ACHR) Stock Price Up 1.4% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s stock price rose 1.4% during mid-day trading on Wednesday . The company traded as high as $8.28 and last traded at $8.22. Approximately 5,024,039 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 18,694,830 shares. The stock had previously closed at $8.11.

Analyst Upgrades and Downgrades

ACHR has been the subject of a number of recent research reports. Needham & Company LLC raised their target price on Archer Aviation from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. JPMorgan Chase & Co. cut Archer Aviation from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $6.00 to $9.00 in a research report on Friday, January 10th. HC Wainwright reiterated a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a research report on Friday, February 28th. Raymond James lifted their price target on Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a research report on Friday, February 21st. Finally, Cantor Fitzgerald lifted their price target on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Archer Aviation has a consensus rating of “Moderate Buy” and an average target price of $11.61.

Archer Aviation Stock Down 2.5 %

The company has a market cap of $4.38 billion, a P/E ratio of -6.14 and a beta of 3.14. The company has a 50 day moving average of $8.80 and a 200-day moving average of $6.63. 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 issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.10. On average, equities analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insiders Place Their Bets

In related news, CTO Thomas Paul Muniz sold 50,000 shares of the stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $12.00, for a total transaction of $600,000.00. Following the completion of the sale, the chief technology officer now directly owns 1,070,360 shares in the company, valued at $12,844,320. This represents a 4.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Eric Lentell sold 43,230 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $332,871.00. Following the sale, the general counsel now owns 53,225 shares of the company’s stock, valued at $409,832.50. This represents a 44.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 303,985 shares of company stock valued at $2,555,685 over the last 90 days. Insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Several institutional investors have recently bought and sold shares of the stock. Intech Investment Management LLC bought a new position in Archer Aviation during the 3rd quarter valued at approximately $206,000. Charles Schwab Investment Management Inc. raised its position in Archer Aviation by 5.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock valued at $5,547,000 after purchasing an additional 94,430 shares during the last quarter. Townsquare Capital LLC raised its position in Archer Aviation by 25.6% during the 3rd quarter. Townsquare Capital LLC now owns 14,877 shares of the company’s stock valued at $45,000 after purchasing an additional 3,033 shares during the last quarter. CreativeOne Wealth LLC raised its position in Archer Aviation by 99.0% during the 3rd quarter. CreativeOne Wealth LLC now owns 96,432 shares of the company’s stock valued at $292,000 after purchasing an additional 47,975 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Archer Aviation by 15.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,341 shares of the company’s stock valued at $186,000 after purchasing an additional 8,431 shares during the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.