Archer Aviation (NYSE:ACHR) Shares Up 8% Following Analyst Upgrade

Archer Aviation Inc. (NYSE:ACHR) traded up 8% during trading on Wednesday after Cantor Fitzgerald raised their price target on the stock from $10.00 to $13.00. Cantor Fitzgerald currently has an overweight rating on the stock. Archer Aviation traded as high as $10.33 and last traded at $9.82. 28,137,382 shares were traded during mid-day trading, an increase of 131% from the average session volume of 12,174,210 shares. The stock had previously closed at $9.09.

ACHR has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Canaccord Genuity Group upped their target price on Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Needham & Company LLC initiated coverage on Archer Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $11.00 target price on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a report on Monday. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Archer Aviation has a consensus rating of “Moderate Buy” and an average target price of $10.63.

Insider Activity

In other Archer Aviation news, insider Tosha Perkins sold 150,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $6.40, for a total transaction of $960,000.00. Following the completion of the transaction, the insider now owns 197,355 shares of the company’s stock, valued at $1,263,072. This represents a 43.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Adam D. Goldstein sold 805,170 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total value of $3,727,937.10. Following the completion of the transaction, the chief executive officer now owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. This trade represents a 16.10 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have acquired 776,791 shares of company stock worth $5,139,699 and have sold 1,621,386 shares worth $9,686,577. Insiders own 9.75% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Miller Wealth Advisors LLC acquired a new stake in Archer Aviation during the 3rd quarter worth $26,000. Code Waechter LLC purchased a new position in shares of Archer Aviation in the third quarter worth about $30,000. Azzad Asset Management Inc. ADV acquired a new position in Archer Aviation during the third quarter worth about $31,000. Hollencrest Capital Management grew its stake in Archer Aviation by 50.0% during the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after acquiring an additional 3,000 shares in the last quarter. Finally, CWM LLC grew its stake in Archer Aviation by 62.0% during the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after acquiring an additional 3,559 shares in the last quarter. 59.34% of the stock is owned by institutional investors and hedge funds.

Archer Aviation Stock Performance

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 stock’s fifty day simple moving average is $5.24 and its 200 day simple moving average is $4.22. The company has a market cap of $3.58 billion, a price-to-earnings ratio of -6.38 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the previous year, the business earned ($0.19) earnings per share. As a group, analysts anticipate that Archer Aviation Inc. will post -1.28 earnings per share for the current 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.