Archer Aviation (NYSE:ACHR) Shares Up 8% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s share price shot up 8% during trading on Wednesday . The stock traded as high as $8.36 and last traded at $8.40. 9,190,012 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 32,469,703 shares. The stock had previously closed at $7.77.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. JPMorgan Chase & Co. lowered shares of 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. Canaccord Genuity Group cut their price objective on Archer Aviation from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Wednesday, February 12th. Cantor Fitzgerald increased their price target on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, Raymond James increased their price objective on shares of Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a research report on Friday, February 21st. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Archer Aviation currently has an average rating of “Moderate Buy” and a consensus price target of $11.33.

Archer Aviation Stock Up 7.0 %

The stock has a market cap of $3.54 billion, a P/E ratio of -6.30 and a beta of 3.14. The stock’s 50-day moving average is $9.63 and its 200-day moving average is $6.18. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

Insider Activity

In other Archer Aviation news, major shareholder N.V. Stellantis bought 751,879 shares of Archer Aviation stock in a transaction dated Wednesday, December 11th. The shares were acquired at an average cost of $6.65 per share, with a total value of $4,999,995.35. Following the acquisition, the insider now directly owns 60,486,841 shares of the company’s stock, valued at $402,237,492.65. The trade was a 1.26 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Tosha Perkins sold 150,000 shares of the business’s 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 trade represents a 43.18 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,057,729 shares of company stock worth $8,473,770. 9.75% of the stock is owned by corporate insiders.

Institutional Trading of Archer Aviation

A number of institutional investors have recently bought and sold shares of ACHR. Barclays PLC raised its holdings in Archer Aviation by 272.7% during the third quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after acquiring an additional 312,440 shares in the last quarter. HBK Investments L P acquired a new position in shares of Archer Aviation in the third quarter valued at about $6,818,000. Yarbrough Capital LLC acquired a new position in shares of Archer Aviation during the 4th quarter worth approximately $6,039,000. Benjamin Edwards Inc. increased its position in shares of Archer Aviation by 12,656.1% in the third quarter. Benjamin Edwards Inc. now owns 106,258 shares of the company’s stock worth $322,000 after purchasing an additional 105,425 shares during the period. Finally, Apollon Wealth Management LLC acquired a new stake in shares of Archer Aviation in the 4th quarter valued at $296,000. Institutional investors and hedge funds own 59.34% of the company’s stock.

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.