Archer Aviation (NYSE:ACHR) Stock Price Up 9.7% – What’s Next?

Shares of Archer Aviation Inc. (NYSE:ACHR) rose 9.7% on Friday . The stock traded as high as $8.44 and last traded at $8.40. Approximately 21,629,434 shares changed hands during mid-day trading, an increase of 97% from the average daily volume of 10,971,536 shares. The stock had previously closed at $7.66.

Analysts Set New Price Targets

ACHR has been the topic of several research analyst reports. Needham & Company LLC initiated coverage on Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price objective on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a research report on Monday, October 7th. Finally, HC Wainwright initiated coverage on Archer Aviation in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 target price on the stock. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Archer Aviation currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.33.

Archer Aviation Stock Performance

The stock has a market capitalization of $3.52 billion, a P/E ratio of -6.27 and a beta of 3.19. The company has a 50 day simple moving average of $4.42 and a 200-day simple moving average of $3.94. 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 earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the previous year, the company posted ($0.19) earnings per share. On average, equities analysts forecast that Archer Aviation Inc. will post -1.28 EPS for the current year.

Insider Activity at Archer Aviation

In related news, CEO Adam D. Goldstein sold 805,170 shares of the business’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the sale, the chief executive officer now directly owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. The trade was a 16.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Tosha Perkins sold 150,000 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $6.40, for a total value of $960,000.00. Following the sale, the insider now owns 197,355 shares in the company, valued at approximately $1,263,072. The trade was a 43.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,069,958 shares of company stock worth $5,461,608. 9.75% of the stock is owned by company insiders.

Institutional Trading of Archer Aviation

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Miller Wealth Advisors LLC bought a new position in Archer Aviation in the 3rd quarter worth about $26,000. Hollencrest Capital Management increased its stake in Archer Aviation by 50.0% in the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after acquiring an additional 3,000 shares during the last quarter. CWM LLC increased its stake in Archer Aviation by 62.0% in the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after acquiring an additional 3,559 shares during the last quarter. Code Waechter LLC bought a new position in Archer Aviation in the 3rd quarter worth about $30,000. Finally, Azzad Asset Management Inc. ADV bought a new position in Archer Aviation in the 3rd quarter worth about $31,000. 59.34% of the stock is currently owned by 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.