Archer Aviation (NYSE:ACHR) Stock Price Up 1.5% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s share price was up 1.5% during mid-day trading on Wednesday . The company traded as high as $7.08 and last traded at $7.07. 5,241,694 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 19,497,849 shares. The stock had previously closed at $6.96.

Analysts Set New Price Targets

ACHR has been the topic of a number of recent analyst reports. Needham & Company LLC increased their price target on shares of Archer Aviation from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Canaccord Genuity Group increased their target price on Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research report on Friday, February 28th. JPMorgan Chase & Co. downgraded Archer Aviation from an “overweight” rating to a “neutral” rating and boosted their price target for the company from $6.00 to $9.00 in a research report on Friday, January 10th. Cantor Fitzgerald raised their price objective on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $11.61.

Archer Aviation Price Performance

The company has a market cap of $3.99 billion, a price-to-earnings ratio of -5.58 and a beta of 3.14. The company’s 50-day simple moving average is $8.67 and its 200-day simple moving average is $6.94. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.10. On average, equities research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Activity

In other Archer Aviation news, CTO Thomas Paul Muniz sold 50,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief technology officer now owns 1,070,360 shares in the company, valued at $12,844,320. This trade represents a 4.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Tosha Perkins sold 33,335 shares of Archer Aviation stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $7.04, for a total value of $234,678.40. Following the sale, the insider now owns 262,673 shares in the company, valued at $1,849,217.92. This represents a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 474,780 shares of company stock worth $3,758,081 over the last ninety days. Corporate insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

A number of institutional investors have recently made changes to their positions in the company. Sunbelt Securities Inc. acquired a new position in Archer Aviation in the fourth quarter worth $27,000. Conquis Financial LLC acquired a new position in shares of Archer Aviation in the 4th quarter valued at about $29,000. Harbour Investments Inc. boosted its holdings in shares of Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after buying an additional 1,095 shares during the period. Oarsman Capital Inc. grew 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 valued at $30,000 after buying an additional 2,547 shares during the last quarter. Finally, Anchor Investment Management LLC raised its stake in Archer Aviation by 58.3% during the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock worth $32,000 after acquiring an additional 1,224 shares during the period. 59.34% of the stock is currently owned by institutional investors.

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.