Archer Aviation (NYSE:ACHR) Reaches New 1-Year High - Here's Why

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price hit a new 52-week high on Saturday . The stock traded as high as $13.92 and last traded at $13.27, with a volume of 71502560 shares traded. The stock had previously closed at $12.19.

Analyst Ratings Changes

ACHR has been the topic of several recent research reports. Canaccord Genuity Group raised their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research note on Friday, February 28th. HC Wainwright reiterated a "buy" rating and set a $12.50 target price on shares of Archer Aviation in a research report on Tuesday, May 13th. Raymond James raised their price target on Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research report on Friday, February 21st. Needham & Company LLC reiterated a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a report on Tuesday, May 13th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $13.00 target price on shares of Archer Aviation in a report on Friday. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $12.50.

Archer Aviation Trading Down 14.4%

The firm has a market capitalization of $6.17 billion, a price-to-earnings ratio of -8.62 and a beta of 3.13. The business's fifty day moving average is $8.16 and its 200 day moving average is $8.18. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.10. Equities analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Activity at Archer Aviation

In other news, insider Tosha Perkins sold 49,273 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 232,396 shares in the company, valued at approximately $1,789,449.20. The trade was a 17.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark Mesler sold 62,258 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $479,386.60. Following the transaction, the chief financial officer now owns 630,243 shares of the company's stock, valued at approximately $4,852,871.10. This represents a 8.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 705,844 shares of company stock worth $6,583,103 in the last ninety days. 7.65% of the stock is owned by company insiders.

Institutional Trading of Archer Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allworth Financial LP boosted its stake in Archer Aviation by 87.0% during the 1st quarter. Allworth Financial LP now owns 3,577 shares of the company's stock valued at $25,000 after purchasing an additional 1,664 shares during the last quarter. Sunbelt Securities Inc. bought a new position in shares of Archer Aviation in the fourth quarter valued at approximately $27,000. Tidemark LLC grew its holdings in Archer Aviation by 100.0% during the first quarter. Tidemark LLC now owns 4,000 shares of the company's stock worth $28,000 after buying an additional 2,000 shares in the last quarter. Conquis Financial LLC purchased a new stake in Archer Aviation in the 4th quarter valued at $29,000. Finally, Harbour Investments Inc. lifted its stake in Archer Aviation by 54.7% during the 4th 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 in the last quarter. 59.34% of the stock is owned by institutional investors.

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.