Archer Aviation (NYSE:ACHR) Shares Gap Up Following Analyst Upgrade

Archer Aviation Inc. (NYSE:ACHR)’s share price gapped up prior to trading on Friday after Canaccord Genuity Group raised their price target on the stock from $8.50 to $11.00. The stock had previously closed at $7.17, but opened at $7.50. Canaccord Genuity Group currently has a buy rating on the stock. Archer Aviation shares last traded at $8.01, with a volume of 17,367,139 shares changing hands.

Other equities research analysts have also recently issued research reports about the company. HC Wainwright started coverage on Archer Aviation in a report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price objective on shares of Archer Aviation in a research note on Monday, October 7th. Finally, Needham & Company LLC started coverage on shares of Archer Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price target for the company. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $9.57.

Insider Activity at Archer Aviation

In other news, Director Deborah Diaz purchased 5,150 shares of the business’s stock in a transaction on Monday, November 25th. The stock was purchased at an average price of $7.48 per share, with a total value of $38,522.00. Following the acquisition, the director now directly owns 98,886 shares in the company, valued at approximately $739,667.28. The trade was a 5.49 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Adam D. Goldstein sold 805,170 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the transaction, the chief executive officer now owns 4,197,136 shares of the company’s stock, valued at approximately $19,432,739.68. This represents a 16.10 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,069,958 shares of company stock valued at $5,461,608. 9.75% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. HBK Investments L P acquired a new position in Archer Aviation during the 3rd quarter valued at about $6,818,000. Sora Investors LLC acquired a new position in Archer Aviation during the 3rd quarter worth approximately $3,429,000. Intellectus Partners LLC boosted its holdings in shares of Archer Aviation by 136.1% in the 2nd quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock valued at $3,187,000 after buying an additional 523,024 shares during the last quarter. Stifel Financial Corp grew its position in shares of Archer Aviation by 574.5% in the 3rd quarter. Stifel Financial Corp now owns 459,171 shares of the company’s stock valued at $1,391,000 after acquiring an additional 391,092 shares during the period. Finally, Barclays PLC lifted its position in shares of Archer Aviation by 272.7% in the third quarter. Barclays PLC now owns 427,023 shares of the company’s stock valued at $1,294,000 after buying an additional 312,440 shares during the last quarter. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Trading Up 8.4 %

The business’s 50 day moving average price is $4.78 and its 200-day moving average price is $4.05. The company has a market cap of $3.30 billion, a price-to-earnings ratio of -6.07 and a beta of 3.19. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period last year, the business posted ($0.19) EPS. On average, equities analysts anticipate that Archer Aviation Inc. will post -1.28 EPS for the current fiscal year.

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.