Archer Aviation (NYSE:ACHR) Stock Price Up 7.3% After Analyst Upgrade

Archer Aviation Inc. (NYSE:ACHR) was up 7.3% on Friday after Canaccord Genuity Group raised their price target on the stock from $8.50 to $11.00. Canaccord Genuity Group currently has a buy rating on the stock. Archer Aviation traded as high as $8.44 and last traded at $7.69. Approximately 37,585,247 shares changed hands during mid-day trading, an increase of 226% from the average daily volume of 11,541,055 shares. The stock had previously closed at $7.17.

Other research analysts also recently issued reports about the company. Needham & Company LLC started coverage on Archer Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price objective on the stock. HC Wainwright assumed coverage on Archer Aviation in a report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price objective for the company. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a report on Monday, October 7th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Archer Aviation has a consensus rating of “Moderate Buy” and a consensus price target of $9.57.

Insider Activity

In other news, insider Tosha Perkins sold 150,000 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $6.40, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Adam D. Goldstein sold 805,170 shares of the company’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 transaction of $3,727,937.10. Following the transaction, the chief executive officer now owns 4,197,136 shares in the company, valued at $19,432,739.68. The trade was a 16.10 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,069,958 shares of company stock worth $5,461,608. Corporate insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Institutional investors and hedge funds have recently modified their holdings of the company. Miller Wealth Advisors LLC acquired a new stake in Archer Aviation during the 3rd quarter valued at approximately $26,000. Code Waechter LLC purchased a new position in shares of Archer Aviation during the 3rd quarter valued at about $30,000. Azzad Asset Management Inc. ADV purchased a new stake in shares of Archer Aviation in the third quarter worth about $31,000. Hollencrest Capital Management boosted its stake in shares of Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after buying an additional 3,000 shares during the last quarter. Finally, CWM LLC raised its position in Archer Aviation by 62.0% during the second 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. Institutional investors and hedge funds own 59.34% of the company’s stock.

Archer Aviation Trading Up 5.2 %

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 firm has a market cap of $3.21 billion, a PE ratio of -5.83 and a beta of 3.19. The company has a 50-day simple moving average of $4.78 and a 200 day simple moving average of $4.05.

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