Archer Aviation (NYSE:ACHR) Shares Up 2.1% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR) shares rose 2.1% on Thursday . The stock traded as high as $5.96 and last traded at $5.77. Approximately 16,784,643 shares traded hands during mid-day trading, a decline of 55% from the average session volume of 37,535,660 shares. The stock had previously closed at $5.65.

Wall Street Analyst Weigh In

ACHR has been the subject of several analyst reports. HC Wainwright reaffirmed a “buy” rating on shares of Archer Aviation in a report on Tuesday, August 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research report on Friday, July 17th. Needham & Company LLC reiterated a “buy” rating and set a $9.00 price objective on shares of Archer Aviation in a research note on Tuesday, August 11th. Cantor Fitzgerald reissued an “overweight” rating and set a $11.00 price objective on shares of Archer Aviation in a report on Tuesday, August 11th. Finally, Canaccord Genuity Group reduced their target price on Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, May 12th. Five equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $11.50.

Archer Aviation Price Performance

The stock has a market capitalization of $4.40 billion, a PE ratio of -5.30 and a beta of 3.23. The business’s 50-day moving average price is $5.41 and its 200 day moving average price is $5.81. The company has a debt-to-equity ratio of 0.06, a quick ratio of 10.21 and a current ratio of 10.21.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.34) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.34). The business had revenue of $5.00 million for the quarter, compared to the consensus estimate of $1.94 million. Research analysts forecast that Archer Aviation Inc. will post -1.37 earnings per share for the current year.

Insider Transactions at Archer Aviation

In related news, insider Eric Lentell sold 100,000 shares of the company’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $6.31, for a total value of $631,000.00. Following the transaction, the insider directly owned 85,011 shares in the company, valued at approximately $536,419.41. This represents a 54.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Harsh Rungta sold 13,880 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $6.41, for a total transaction of $88,970.80. Following the completion of the sale, the chief accounting officer directly owned 110,847 shares in the company, valued at $710,529.27. This represents a 11.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 180,411 shares of company stock valued at $1,141,141. 5.55% of the stock is owned by corporate insiders.

Institutional Trading of Archer Aviation

A number of hedge funds have recently made changes to their positions in the stock. ARK Investment Management LLC raised its position in Archer Aviation by 12.4% during the fourth quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company’s stock valued at $264,484,000 after purchasing an additional 3,869,252 shares in the last quarter. State Street Corp boosted its holdings in shares of Archer Aviation by 11.2% in the 4th quarter. State Street Corp now owns 32,773,136 shares of the company’s stock worth $246,454,000 after purchasing an additional 3,293,130 shares in the last quarter. Morgan Stanley increased its position in shares of Archer Aviation by 21.6% during the 4th quarter. Morgan Stanley now owns 15,717,522 shares of the company’s stock valued at $118,196,000 after purchasing an additional 2,796,488 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Archer Aviation by 14.9% during the 4th quarter. Geode Capital Management LLC now owns 14,385,647 shares of the company’s stock valued at $108,197,000 after purchasing an additional 1,867,648 shares during the last quarter. Finally, Amova Asset Management Americas Inc. raised its holdings in shares of Archer Aviation by 21.7% during the 4th quarter. Amova Asset Management Americas Inc. now owns 7,914,191 shares of the company’s stock valued at $59,515,000 after buying an additional 1,413,774 shares in the last quarter. 59.34% of the stock is 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.