Archer Aviation (NYSE:ACHR) Sees Strong Trading Volume - Here's What Happened

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) saw an uptick in trading volume on Friday . 21,727,042 shares changed hands during trading, a decline of 3% from the previous session's volume of 22,351,957 shares.The stock last traded at $13.61 and had previously closed at $12.19.

Analysts Set New Price Targets

A number of research firms have issued reports on ACHR. Cantor Fitzgerald restated an "overweight" rating and set a $13.00 price target on shares of Archer Aviation in a report on Friday. Needham & Company LLC reaffirmed a "buy" rating and set a $13.00 target price on shares of Archer Aviation in a research report on Tuesday. Raymond James lifted their target price on Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a report on Friday, February 21st. Canaccord Genuity Group boosted their price objective on Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a report on Friday, February 28th. Finally, HC Wainwright reissued a "buy" rating and set a $12.50 price objective on shares of Archer Aviation in a report on Tuesday. Two research 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 stock currently has an average rating of "Moderate Buy" and a consensus price target of $11.61.

Archer Aviation Price Performance

The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a 50 day moving average of $8.03 and a 200-day moving average of $8.04. The stock has a market capitalization of $7.22 billion, a P/E ratio of -10.03 and a beta of 3.13.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) 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 earnings per share for the current fiscal year.

Insider Activity

In other Archer Aviation news, insider Tosha Perkins sold 50,000 shares of Archer Aviation stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $8.47, for a total transaction of $423,500.00. Following the completion of the sale, the insider now directly owns 212,673 shares of the company's stock, valued at $1,801,340.31. The trade was a 19.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark Mesler sold 34,498 shares of Archer Aviation stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $7.04, for a total value of $242,865.92. Following the sale, the chief financial officer now directly owns 659,357 shares of the company's stock, valued at $4,641,873.28. This trade represents a 4.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 474,780 shares of company stock worth $3,581,581 over the last quarter. 7.65% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Archer Aviation

Large investors have recently modified their holdings of the business. Allworth Financial LP increased its position in Archer Aviation by 87.0% during the first quarter. Allworth Financial LP now owns 3,577 shares of the company's stock worth $25,000 after buying an additional 1,664 shares in the last quarter. Sunbelt Securities Inc. purchased a new stake in shares of Archer Aviation during the fourth quarter worth about $27,000. Tidemark LLC increased 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 last quarter. Conquis Financial LLC bought a new stake in Archer Aviation in the fourth quarter valued at about $29,000. Finally, Harbour Investments Inc. boosted its stake 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 period. 59.34% of the stock is owned by hedge funds and other 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.

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