Archer Aviation (NYSE:ACHR) Trading Up 5.8% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) shot up 5.8% during trading on Monday . The stock traded as high as $8.42 and last traded at $8.36. 12,567,234 shares changed hands during trading, a decline of 60% from the average session volume of 31,727,953 shares. The stock had previously closed at $7.90.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on ACHR shares. 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 report on Friday, January 10th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Raymond James boosted their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. Cantor Fitzgerald boosted their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Finally, HC Wainwright reiterated a “buy” rating and set a $12.50 target price 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’s stock. Based on data from MarketBeat.com, Archer Aviation currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.61.

Archer Aviation Stock Up 5.1 %

The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The company has a market cap of $4.51 billion, a price-to-earnings ratio of -6.29 and a beta of 3.14. The firm’s 50 day simple moving average is $9.01 and its 200-day simple moving average is $6.54.

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

Insider Buying and Selling

In other news, insider Tosha Perkins sold 49,273 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $379,402.10. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael Spellacy sold 191,513 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $10.00, for a total transaction of $1,915,130.00. The disclosure for this sale can be found here. Insiders sold 495,498 shares of company stock valued at $4,470,815 over the last ninety days. Corporate insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

A number of hedge funds have recently bought and sold shares of the company. Total Wealth Planning & Management Inc. acquired a new stake in Archer Aviation during the fourth quarter worth approximately $450,000. Infinitum Asset Management LLC acquired a new stake in Archer Aviation during the fourth quarter worth approximately $10,844,000. Sunbelt Securities Inc. acquired a new stake in Archer Aviation during the fourth quarter worth approximately $27,000. PharVision Advisers LLC acquired a new stake in Archer Aviation during the fourth quarter worth approximately $187,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Archer Aviation by 62.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 558,603 shares of the company’s stock worth $5,446,000 after purchasing an additional 215,593 shares during the period. 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.