Archer Aviation (NYSE:ACHR) Shares Up 17.8% - Here's Why

Key Points

• Archer Aviation's stock surged 17.8% during trading on Monday, climbing to a high of $13.81, significantly above its previous close of $11.57.
• Analysts are optimistic about Archer's future, with seven rating it as a Buy and a consensus price target of $13.43 despite a recent earnings miss.
• High insider selling activity was noted, with insiders selling approximately 188,068 shares over the last 90 days, representing about 7.65% of the stock owned by insiders.

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shot up 17.8% during trading on Monday . The stock traded as high as $13.81 and last traded at $13.63. 152,201,958 shares changed hands during trading, an increase of 347% from the average session volume of 34,034,281 shares. The stock had previously closed at $11.57.

Wall Street Analysts Forecast Growth

ACHR has been the topic of several recent analyst reports. JPMorgan Chase & Co. upped their target price on Archer Aviation from $9.00 to $10.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. Cantor Fitzgerald reissued an "overweight" rating on shares of Archer Aviation in a research report on Thursday, July 17th. HC Wainwright reissued a "buy" rating and issued a $18.00 target price on shares of Archer Aviation in a research report on Tuesday, August 12th. Weiss Ratings reissued a "sell (d-)" rating on shares of Archer Aviation in a research report on Saturday, September 27th. Finally, Canaccord Genuity Group reissued a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Archer Aviation presently has a consensus rating of "Moderate Buy" and a consensus price target of $13.43.

Archer Aviation Stock Up 17.8%

The firm has a market cap of $8.79 billion, a price-to-earnings ratio of -10.10 and a beta of 3.06. The business's 50 day moving average price is $9.55 and its 200 day moving average price is $9.56. The company has a debt-to-equity ratio of 0.05, a quick ratio of 22.30 and a current ratio of 22.30.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings data on Monday, August 11th. The company reported ($0.36) EPS for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.12). On average, equities analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Activity at Archer Aviation

In related news, insider Eric Lentell sold 48,936 shares of Archer Aviation stock in a transaction on Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $481,040.88. Following the sale, the insider owned 47,518 shares of the company's stock, valued at approximately $467,101.94. This trade represents a 50.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Tosha Perkins sold 42,775 shares of Archer Aviation stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $420,478.25. Following the completion of the sale, the insider owned 295,337 shares in the company, valued at approximately $2,903,162.71. This trade represents a 12.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 188,068 shares of company stock worth $1,848,708 over the last 90 days. 7.65% of the stock is owned by insiders.

Hedge Funds Weigh In On Archer Aviation

Several institutional investors and hedge funds have recently bought and sold shares of ACHR. Praxis Investment Management Inc. acquired a new position in Archer Aviation in the third quarter valued at approximately $149,000. Corient Private Wealth LLC lifted its position in Archer Aviation by 6.6% in the second quarter. Corient Private Wealth LLC now owns 37,165 shares of the company's stock valued at $403,000 after buying an additional 2,313 shares during the last quarter. Valeo Financial Advisors LLC acquired a new position in Archer Aviation in the second quarter valued at about $376,000. Total Investment Management Inc. acquired a new position in Archer Aviation in the second quarter valued at about $78,000. Finally, Marex Group plc acquired a new position in Archer Aviation during the 2nd quarter worth about $24,699,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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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