Archer Aviation (NYSE:ACHR) Stock Price Up 7.5% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) shares were up 7.5% on Friday . The stock traded as high as $10.07 and last traded at $9.96. Approximately 13,695,403 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 29,002,758 shares. The stock had previously closed at $9.27.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. downgraded shares of 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 report on Friday, January 10th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, December 13th. HC Wainwright restated a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research report on Monday, December 16th. Needham & Company LLC reissued a “buy” rating and set a $11.00 price objective on shares of Archer Aviation in a research note on Thursday, January 16th. Finally, Canaccord Genuity Group lifted their price target on Archer Aviation from $11.00 to $14.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $11.38.

Archer Aviation Trading Up 4.6 %

The stock’s fifty day moving average price is $9.02 and its two-hundred day moving average price is $5.52. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $4.12 billion, a PE ratio of -7.37 and a beta of 3.15.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter last year, the company earned ($0.19) earnings per share. Sell-side analysts anticipate that Archer Aviation Inc. will post -1.31 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Deborah Diaz acquired 5,150 shares of Archer Aviation stock in a transaction on Monday, November 25th. The stock was acquired at an average cost of $7.48 per share, for a total transaction of $38,522.00. Following the purchase, the director now owns 98,886 shares in the company, valued at $739,667.28. This trade represents a 5.49 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder N.V. Stellantis bought 751,879 shares of the company’s stock in a transaction dated Wednesday, December 11th. The stock was purchased at an average price of $6.65 per share, for a total transaction of $4,999,995.35. Following the purchase, the insider now owns 60,486,841 shares of the company’s stock, valued at approximately $402,237,492.65. This represents a 1.26 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 776,791 shares of company stock worth $5,139,699 and have sold 1,862,899 shares worth $12,201,707. Corporate insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

Institutional investors and hedge funds have recently modified their holdings of the business. GPS Wealth Strategies Group LLC increased its holdings in Archer Aviation by 708.3% in the 4th quarter. GPS Wealth Strategies Group LLC now owns 3,395 shares of the company’s stock worth $33,000 after buying an additional 2,975 shares in the last quarter. Newbridge Financial Services Group Inc. purchased a new stake in shares of Archer Aviation during the 4th quarter valued at about $49,000. Miller Wealth Advisors LLC purchased a new stake in shares of Archer Aviation during the 3rd quarter valued at about $26,000. Versant Capital Management Inc raised its holdings in shares of Archer Aviation by 74.3% during the fourth quarter. Versant Capital Management Inc now owns 8,048 shares of the company’s stock valued at $78,000 after purchasing an additional 3,430 shares during the last quarter. Finally, Code Waechter LLC purchased a new position in shares of Archer Aviation during the third quarter valued at approximately $30,000. Institutional investors own 59.34% of the company’s stock.

About Archer Aviation

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.