Archer Aviation (NYSE:ACHR) Stock Price Up 8.5% – What’s Next?

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

Wall Street Analysts Forecast Growth

ACHR has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. downgraded Archer Aviation from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $6.00 to $9.00 in a research report on Friday, January 10th. Cantor Fitzgerald increased their price target on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 price target on shares of Archer Aviation in a research report on Thursday, January 16th. Canaccord Genuity Group lowered their price target 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. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $11.25.

Archer Aviation Stock Performance

The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The stock has a market cap of $4.39 billion, a price-to-earnings ratio of -7.82 and a beta of 3.13. The firm has a fifty day moving average of $9.43 and a 200 day moving average of $5.90.

Insider Activity at Archer Aviation

In related news, insider Tosha Perkins sold 150,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $6.40, for a total value of $960,000.00. Following the completion of the sale, the insider now owns 197,355 shares of the company’s stock, valued at approximately $1,263,072. This trade represents a 43.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Adam D. Goldstein purchased 19,762 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was bought at an average cost of $5.12 per share, with a total value of $101,181.44. Following the acquisition, the chief executive officer now owns 2,014,890 shares of the company’s stock, valued at approximately $10,316,236.80. The trade was a 0.99 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 776,791 shares of company stock valued at $5,139,699 and sold 1,862,899 shares valued at $12,201,707. Insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. ARK Investment Management LLC increased its stake in Archer Aviation by 27.1% during the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock worth $291,643,000 after acquiring an additional 6,371,647 shares during the last quarter. Vanguard Group Inc. increased its stake in Archer Aviation by 21.4% during the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company’s stock worth $160,682,000 after acquiring an additional 2,908,859 shares during the last quarter. Geode Capital Management LLC increased its stake in Archer Aviation by 14.2% during the fourth quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company’s stock worth $56,908,000 after acquiring an additional 724,736 shares during the last quarter. Alyeska Investment Group L.P. increased its stake in Archer Aviation by 158.3% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company’s stock worth $48,748,000 after acquiring an additional 3,064,280 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in Archer Aviation during the fourth quarter worth $42,709,000. Institutional investors and hedge funds 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.