Archer Aviation (NYSE:ACHR) Shares Up 3.7% After Strong Earnings

Archer Aviation Inc. (NYSE:ACHR) shot up 3.7% during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $8.64 and last traded at $8.51. 11,575,261 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 32,356,707 shares. The stock had previously closed at $8.21.

The company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.10.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ACHR. Canaccord Genuity Group raised their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a report on Friday. HC Wainwright reiterated a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a report on Friday. Raymond James lifted their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Friday, February 21st. Needham & Company LLC lifted their target price on shares of Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a report on Friday. Finally, Cantor Fitzgerald lifted their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Archer Aviation currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.61.

Insiders Place Their Bets

In other Archer Aviation news, General Counsel Eric Lentell sold 114,788 shares of the business’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $6.74, for a total value of $773,671.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Thomas Paul Muniz sold 50,000 shares of Archer Aviation stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $12.00, for a total transaction of $600,000.00. Following the sale, the chief technology officer now directly owns 1,070,360 shares of the company’s stock, valued at approximately $12,844,320. This trade represents a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,057,729 shares of company stock worth $8,473,770 over the last 90 days. Corporate insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Institutional investors have recently modified their holdings of the company. Sunbelt Securities Inc. purchased a new stake in shares of Archer Aviation during the 4th quarter worth $27,000. Conquis Financial LLC purchased a new stake in shares of Archer Aviation during the 4th quarter worth $29,000. Oarsman Capital Inc. lifted its position in shares of Archer Aviation by 471.7% during the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock worth $30,000 after purchasing an additional 2,547 shares during the last quarter. Harbour Investments Inc. lifted its position in Archer Aviation by 54.7% in the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after acquiring an additional 1,095 shares during the last quarter. Finally, Anchor Investment Management LLC lifted its position in Archer Aviation by 58.3% in the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock valued at $32,000 after acquiring an additional 1,224 shares during the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

Archer Aviation Trading Up 12.0 %

The stock has a market capitalization of $3.77 billion, a PE ratio of -6.72 and a beta of 3.14. 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 business’s 50-day moving average is $9.59 and its two-hundred day moving average is $6.24.

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.