Archer Aviation (NYSE:ACHR) Shares Up 8% After Analyst Upgrade

Archer Aviation Inc. (NYSE:ACHR) shares shot up 8% on Wednesday after Cantor Fitzgerald raised their price target on the stock from $10.00 to $13.00. Cantor Fitzgerald currently has an overweight rating on the stock. Archer Aviation traded as high as $10.33 and last traded at $9.82. 28,137,382 shares changed hands during trading, an increase of 131% from the average session volume of 12,174,210 shares. The stock had previously closed at $9.09.

Several other research firms have also recently weighed in on ACHR. HC Wainwright reiterated a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a research report on Monday. Needham & Company LLC started coverage on Archer Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price target for the company. Deutsche Bank Aktiengesellschaft lifted their price objective on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, Canaccord Genuity Group upped their target price on Archer Aviation from $8.50 to $11.00 and gave the company a “buy” rating in a research report on Friday, December 13th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Archer Aviation presently has a consensus rating of “Moderate Buy” and an average price target of $10.63.

Insider Activity at Archer Aviation

In related news, Director Michael Spellacy sold 63,000 shares of the business’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $7.10, for a total value of $447,300.00. Following the transaction, the director now directly owns 191,513 shares of the company’s stock, valued at approximately $1,359,742.30. The trade was a 24.75 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Adam D. Goldstein sold 805,170 shares of Archer Aviation 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 completion of the sale, the chief executive officer now directly owns 4,197,136 shares in the company, 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. Over the last ninety days, insiders have bought 776,791 shares of company stock valued at $5,139,699 and have sold 1,571,386 shares valued at $9,236,577. 9.75% of the stock is owned by insiders.

Institutional Trading of Archer Aviation

A number of hedge funds and other institutional investors have recently made changes to their positions in ACHR. HBK Investments L P bought a new position in Archer Aviation in the 3rd quarter valued at $6,818,000. Benjamin Edwards Inc. boosted its stake in Archer Aviation by 12,656.1% during the third quarter. Benjamin Edwards Inc. now owns 106,258 shares of the company’s stock valued at $322,000 after buying an additional 105,425 shares during the period. Charles Schwab Investment Management Inc. grew its position in Archer Aviation by 5.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock worth $5,547,000 after buying an additional 94,430 shares in the last quarter. HITE Hedge Asset Management LLC bought a new position in Archer Aviation in the 3rd quarter worth about $578,000. Finally, XTX Topco Ltd purchased a new position in shares of Archer Aviation during the third quarter worth about $397,000. 59.34% of the stock is currently owned by institutional investors.

Archer Aviation Price 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 firm has a market capitalization of $4.26 billion, a PE ratio of -7.44 and a beta of 3.19. The business’s 50 day moving average is $5.00 and its two-hundred day moving average is $4.14.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter in the prior year, the firm earned ($0.19) earnings per share. As a group, research analysts anticipate that Archer Aviation Inc. will post -1.28 EPS for the current year.

Archer Aviation Company Profile

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.