Archer Aviation (NYSE:ACHR) Shares Up 8.5% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) shares traded up 8.5% during trading on Monday . The company traded as high as $10.40 and last traded at $10.33. 50,143,838 shares traded hands during trading, an increase of 115% from the average session volume of 23,369,936 shares. The stock had previously closed at $9.52.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Needham & Company LLC reiterated a “buy” rating and set a $11.00 target price on shares of Archer Aviation in a research report on Thursday, January 16th. HC Wainwright reiterated a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research report on Monday, December 16th. Cantor Fitzgerald boosted their target price on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. JPMorgan Chase & Co. downgraded Archer Aviation from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $6.00 to $9.00 in a research report on Friday, January 10th. Finally, Canaccord Genuity Group reduced their price objective on Archer Aviation from $14.00 to $13.00 and set a “buy” rating on the stock in a research report on Wednesday, February 12th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $11.25.

Archer Aviation Trading Down 6.0 %

The business has a 50 day simple moving average of $9.48 and a 200-day simple moving average of $5.95. 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 has a market capitalization of $4.27 billion, a price-to-earnings ratio of -7.60 and a beta of 3.13.

Insider Activity

In other news, Director Deborah Diaz acquired 5,150 shares of Archer Aviation stock in a transaction dated Monday, November 25th. The shares were acquired at an average cost of $7.48 per share, with a total value of $38,522.00. Following the purchase, the director now directly owns 98,886 shares of the company’s stock, valued at approximately $739,667.28. This trade represents a 5.49 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder N.V. Stellantis bought 751,879 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The shares were bought at an average price of $6.65 per share, for a total transaction of $4,999,995.35. Following the completion of the acquisition, the insider now owns 60,486,841 shares in the company, valued at approximately $402,237,492.65. This trade represents a 1.26 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have bought 776,791 shares of company stock valued at $5,139,699 and have sold 1,057,729 shares valued at $8,473,770. Corporate insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Several hedge funds have recently modified their holdings of the stock. ARK Investment Management LLC raised its holdings in shares of Archer Aviation by 27.1% during the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock valued at $291,643,000 after buying an additional 6,371,647 shares during the period. Vanguard Group Inc. increased its holdings in Archer Aviation by 21.4% during the 4th quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company’s stock worth $160,682,000 after purchasing an additional 2,908,859 shares during the last quarter. Geode Capital Management LLC increased its holdings in Archer Aviation by 14.2% during the 4th quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company’s stock worth $56,908,000 after purchasing an additional 724,736 shares during the last quarter. Alyeska Investment Group L.P. increased its holdings in Archer Aviation by 158.3% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company’s stock worth $48,748,000 after purchasing an additional 3,064,280 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in Archer Aviation during the 4th quarter worth approximately $42,709,000. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.