Archer Aviation (NYSE:ACHR) Trading 8.9% Higher – What’s Next?

by · The Cerbat Gem

Archer Aviation Inc. (NYSE:ACHR – Get Free Report)’s share price was up 8.9% during mid-day trading on Wednesday . The stock traded as high as $8.35 and last traded at $8.3310. Approximately 47,423,830 shares changed hands during mid-day trading, an increase of 20% from the average daily volume of 39,581,391 shares. The stock had previously closed at $7.65.

Analysts Set New Price Targets

ACHR has been the subject of several recent analyst reports. Needham & Company LLC dropped their price objective on shares of Archer Aviation from $13.00 to $10.00 and set a “buy” rating for the company in a report on Friday, November 7th. Canaccord Genuity Group lifted their target price on shares of Archer Aviation from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, November 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research report on Wednesday, October 8th. JPMorgan Chase & Co. cut their price target on Archer Aviation from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday, November 7th. Finally, The Goldman Sachs Group assumed coverage on shares of Archer Aviation in a research note on Monday. They set a “neutral” rating and a $11.00 price target for the company. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Archer Aviation has an average rating of “Moderate Buy” and an average price target of $12.50.

View Our Latest Analysis on Archer Aviation

Archer Aviation Stock Performance

The business’s 50-day simple moving average is $9.89 and its 200 day simple moving average is $10.04. The company has a debt-to-equity ratio of 0.05, a quick ratio of 18.19 and a current ratio of 18.19. The firm has a market cap of $5.43 billion, a P/E ratio of -6.61 and a beta of 3.10.

Archer Aviation (NYSE:ACHR – Get Free Report) last released its earnings results on Thursday, November 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.20). As a group, equities analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Priya Gupta sold 5,479 shares of the stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $7.49, for a total transaction of $41,037.71. Following the completion of the sale, the chief financial officer owned 161,523 shares of the company’s stock, valued at $1,209,807.27. This represents a 3.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Eric Lentell sold 41,490 shares of the firm’s stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $7.49, for a total value of $310,760.10. Following the sale, the insider directly owned 83,733 shares in the company, valued at approximately $627,160.17. This trade represents a 33.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 182,635 shares of company stock worth $1,367,936 over the last ninety days. 7.65% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Archer Aviation by 45.8% during the 3rd quarter. Vanguard Group Inc. now owns 52,363,259 shares of the company’s stock worth $501,640,000 after purchasing an additional 16,452,398 shares during the last quarter. ARK Investment Management LLC lifted its holdings in Archer Aviation by 5.8% in the 3rd quarter. ARK Investment Management LLC now owns 31,301,449 shares of the company’s stock valued at $299,868,000 after purchasing an additional 1,715,945 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Archer Aviation by 44.1% during the 2nd quarter. Geode Capital Management LLC now owns 11,991,714 shares of the company’s stock valued at $130,125,000 after acquiring an additional 3,671,753 shares during the last quarter. Alpine Global Management LLC lifted its position in Archer Aviation by 16.7% during the first quarter. Alpine Global Management LLC now owns 4,301,402 shares of the company’s stock valued at $30,583,000 after buying an additional 615,481 shares in the last quarter. Finally, Man Group plc lifted its holdings in Archer Aviation by 13,793.3% in the 2nd quarter. Man Group plc now owns 4,212,722 shares of the company’s stock worth $45,708,000 after buying an additional 4,182,400 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

Archer Aviation Company Profile

(Get Free Report)

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.

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