Archer Aviation (NYSE:ACHR) Shares Up 4.5% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) shares were up 4.5% on Thursday . The stock traded as high as $7.09 and last traded at $6.8450. Approximately 58,122,558 shares changed hands during trading, an increase of 58% from the average daily volume of 36,855,406 shares. The stock had previously closed at $6.55.

Analysts Set New Price Targets

Several research analysts have commented on ACHR shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a research note on Monday, April 20th. Canaccord Genuity Group lowered their target price on Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, May 12th. Finally, Needham & Company LLC lowered their target price on Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. Five investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $11.83.

Archer Aviation Price Performance

The company has a 50 day moving average price of $5.89 and a 200-day moving average price of $7.04. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.06. The company has a market cap of $5.17 billion, a price-to-earnings ratio of -6.18 and a beta of 3.13.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The firm had revenue of $1.60 million during the quarter, compared to the consensus estimate of $1.66 million. During the same period in the prior year, the company earned ($0.17) earnings per share. As a group, equities research analysts predict that Archer Aviation Inc. will post -1.47 EPS for the current fiscal year.

Insider Transactions at Archer Aviation

In other news, insider Eric Lentell sold 48,169 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $286,605.55. Following the completion of the transaction, the insider owned 141,084 shares of the company’s stock, valued at $839,449.80. This represents a 25.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Thomas Paul Muniz sold 94,725 shares of the stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $6.46, for a total transaction of $611,923.50. Following the sale, the chief technology officer directly owned 1,345,430 shares of the company’s stock, valued at $8,691,477.80. This represents a 6.58% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 502,739 shares of company stock worth $3,124,236. 7.65% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors and hedge funds have recently modified their holdings of ACHR. Gould Capital LLC boosted its holdings in shares of Archer Aviation by 238.1% during the 4th quarter. Gould Capital LLC now owns 3,560 shares of the company’s stock worth $27,000 after buying an additional 2,507 shares in the last quarter. Strs Ohio bought a new position in shares of Archer Aviation during the 1st quarter worth approximately $27,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Archer Aviation by 840.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company’s stock worth $28,000 after buying an additional 3,335 shares in the last quarter. Johnson Investment Counsel Inc. bought a new position in shares of Archer Aviation during the 3rd quarter worth approximately $29,000. Finally, Modus Advisors LLC bought a new position in shares of Archer Aviation during the 4th quarter worth approximately $29,000. 59.34% of the stock is currently owned by institutional investors.

About Archer Aviation

Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.