Archer Aviation (NYSE:ACHR) Shares Up 1.6% - Here's Why

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shares traded up 1.6% during mid-day trading on Tuesday . The company traded as high as $10.41 and last traded at $10.18. 13,085,247 shares changed hands during mid-day trading, a decline of 51% from the average session volume of 26,757,051 shares. The stock had previously closed at $10.02.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. HC Wainwright reiterated a "buy" rating and issued a $18.00 price objective (up previously from $12.00) on shares of Archer Aviation in a report on Monday, June 9th. 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. Cantor Fitzgerald restated an "overweight" rating and set a $13.00 price target on shares of Archer Aviation in a report on Monday, June 23rd. Finally, Canaccord Genuity Group reduced their price target on Archer Aviation from $13.50 to $13.00 and set a "buy" rating for the company in a report on Monday, June 16th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $13.13.

Archer Aviation Price Performance

The company has a quick ratio of 15.80, a current ratio of 15.80 and a debt-to-equity ratio of 0.07. The firm has a fifty day moving average price of $10.36 and a two-hundred day moving average price of $9.23. The stock has a market capitalization of $5.79 billion, a P/E ratio of -8.06 and a beta of 3.10.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.04. On average, analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Buying and Selling

In related news, General Counsel Eric Lentell sold 95,896 shares of Archer Aviation stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $10.60, for a total value of $1,016,497.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Thomas Paul Muniz sold 80,919 shares of Archer Aviation stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $12.99, for a total value of $1,051,137.81. Following the completion of the sale, the chief technology officer owned 1,253,294 shares of the company's stock, valued at $16,280,289.06. The trade was a 6.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 376,960 shares of company stock worth $4,441,519 in the last three months. 7.65% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in Archer Aviation by 19.7% in the first quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company's stock worth $140,275,000 after purchasing an additional 3,249,106 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Archer Aviation by 14.2% during the 4th quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company's stock valued at $56,908,000 after buying an additional 724,736 shares in the last quarter. Alyeska Investment Group L.P. lifted its position in shares of Archer Aviation by 158.3% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock valued at $48,748,000 after buying an additional 3,064,280 shares in the last quarter. Renaissance Technologies LLC purchased a new position in Archer Aviation in the 4th quarter worth approximately $42,709,000. Finally, Alpine Global Management LLC lifted its holdings in Archer Aviation by 16.7% in the 1st quarter. Alpine Global Management LLC now owns 4,301,402 shares of the company's stock worth $30,583,000 after purchasing an additional 615,481 shares in the last quarter. 59.34% of the stock is currently 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.