Archer Aviation (NYSE:ACHR) Issues Quarterly Earnings Results

Archer Aviation (NYSE:ACHR - Get Free Report) issued its quarterly earnings data on Monday. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.04, Zacks reports.

Archer Aviation Stock Up 8.9%

Archer Aviation stock traded up $1.08 during mid-day trading on Friday, reaching $13.27. 71,502,560 shares of the company were exchanged, compared to its average volume of 22,604,662. The business has a fifty day moving average of $8.16 and a 200 day moving average of $8.11. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The firm has a market cap of $7.20 billion, a P/E ratio of -10.05 and a beta of 3.13. Archer Aviation has a 12-month low of $2.82 and a 12-month high of $13.92.

Insider Activity

In other news, CFO Priya Gupta sold 13,210 shares of the 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 completion of the sale, the chief financial officer now owns 134,104 shares in the company, valued at approximately $1,742,010.96. This represents a 8.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Tosha Perkins sold 49,273 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $379,402.10. Following the sale, the insider now owns 232,396 shares of the company's stock, valued at approximately $1,789,449.20. This represents a 17.49% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 705,844 shares of company stock worth $6,583,103. Insiders own 7.65% of the company's stock.

Hedge Funds Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Archer Aviation by 44.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 192,164 shares of the company's stock worth $1,366,000 after acquiring an additional 59,317 shares during the last quarter. AQR Capital Management LLC purchased a new position in Archer Aviation in the 1st quarter worth $293,000. NewEdge Advisors LLC raised its stake in Archer Aviation by 5.1% in the 1st quarter. NewEdge Advisors LLC now owns 35,739 shares of the company's stock worth $254,000 after acquiring an additional 1,738 shares during the last quarter. Finally, Integrated Wealth Concepts LLC raised its stake in Archer Aviation by 11.1% in the 1st quarter. Integrated Wealth Concepts LLC now owns 13,770 shares of the company's stock worth $98,000 after acquiring an additional 1,373 shares during the last quarter. Hedge funds and other institutional investors own 59.34% of the company's stock.

Analyst Ratings Changes

ACHR has been the topic of a number of analyst reports. HC Wainwright reaffirmed a "buy" rating and set a $12.50 target price on shares of Archer Aviation in a research note on Tuesday. Cantor Fitzgerald reissued an "overweight" rating and issued a $13.00 price objective on shares of Archer Aviation in a research note on Friday. Canaccord Genuity Group increased their price objective on Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a research note on Friday, February 28th. Raymond James increased their price objective on Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research note on Friday, February 21st. Finally, Needham & Company LLC reissued a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $11.61.

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.