Archer Aviation (NYSE:ACHR) Shares Up 7.7% on Analyst Upgrade

Archer Aviation Inc. (NYSE:ACHR) traded up 7.7% during mid-day trading on Monday after HC Wainwright raised their price target on the stock from $12.00 to $18.00. HC Wainwright currently has a buy rating on the stock. Archer Aviation traded as high as $11.44 and last traded at $10.98. 35,849,812 shares changed hands during mid-day trading, an increase of 49% from the average session volume of 24,136,212 shares. The stock had previously closed at $10.19.

ACHR has been the topic of several other reports. Needham & Company LLC reiterated a “buy” rating and set a $13.00 price objective on shares of Archer Aviation in a research report on Tuesday, May 13th. Canaccord Genuity Group lifted their price objective on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research report on Friday, February 28th. Raymond James boosted their price target 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. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $13.00 price target on shares of Archer Aviation in a report on Friday, May 16th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $13.19.

Insider Buying and Selling

In other Archer Aviation news, CTO Thomas Paul Muniz sold 80,919 shares of the business’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $1,051,137.81. Following the completion of the transaction, the chief technology officer now owns 1,253,294 shares of the company’s stock, valued at $16,280,289.06. The trade was a 6.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Priya Gupta sold 13,210 shares of the business’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $171,597.90. Following the transaction, the chief financial officer now directly owns 134,104 shares of the company’s stock, valued at approximately $1,742,010.96. This represents a 8.97% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 451,859 shares of company stock worth $4,627,418. Corporate insiders own 7.65% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Allworth Financial LP raised its position in shares of Archer Aviation by 87.0% during the first quarter. Allworth Financial LP now owns 3,577 shares of the company’s stock valued at $25,000 after buying an additional 1,664 shares during the last quarter. Sunbelt Securities Inc. bought a new stake in shares of Archer Aviation during the fourth quarter valued at approximately $27,000. Strs Ohio bought a new stake in shares of Archer Aviation during the first quarter valued at approximately $27,000. Tidemark LLC lifted its holdings in Archer Aviation by 100.0% in the first quarter. Tidemark LLC now owns 4,000 shares of the company’s stock valued at $28,000 after buying an additional 2,000 shares during the period. Finally, Conquis Financial LLC acquired a new position in Archer Aviation in the fourth quarter valued at approximately $29,000. Institutional investors and hedge funds own 59.34% of the company’s stock.

Archer Aviation Price Performance

The company’s fifty day moving average is $8.98 and its two-hundred day moving average is $8.87. 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 firm has a market capitalization of $6.21 billion, a price-to-earnings ratio of -8.57 and a beta of 3.13.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Monday, May 12th. The company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.04. Equities research analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share 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.