Archer Aviation (NYSE:ACHR) Shares Up 4.1% Following Analyst Upgrade

Key Points

• Archer Aviation's shares rose by 4.1% after JPMorgan Chase & Co. upgraded their price target from $9.00 to $10.00 while maintaining a neutral rating.
• Several other brokerages also issued positive ratings, with targets as high as $18.00, contributing to an average price target of $13.25 and a “Moderate Buy” rating.
• Insider trading activity included CFO Priya Gupta and CFO Mark Mesler selling over 63,000 shares combined at approximately $12.99 each, resulting in a decrease in their ownership stakes.

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shot up 4.1% during trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $9.00 to $10.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Archer Aviation traded as high as $10.23 and last traded at $10.04. 11,282,701 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 33,045,180 shares. The stock had previously closed at $9.64.

A number of other brokerages have also weighed in on ACHR. Needham & Company LLC reiterated a "buy" rating and issued a $13.00 price target on shares of Archer Aviation in a report on Tuesday, May 13th. UBS Group reiterated a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. Cantor Fitzgerald restated an "overweight" rating on shares of Archer Aviation in a research note on Thursday, July 17th. HC Wainwright reiterated a "buy" rating and issued a $18.00 target price (up previously from $12.00) on shares of Archer Aviation in a research note on Monday, June 9th. Finally, Canaccord Genuity Group reiterated a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $13.25.

Insider Activity

In related news, CFO Priya Gupta sold 13,210 shares of the business's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $12.99, for a total value of $171,597.90. Following the sale, the chief financial officer directly owned 134,104 shares in the company, valued at $1,742,010.96. The trade was a 8.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark Mesler sold 50,775 shares of the company's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $12.99, for a total value of $659,567.25. Following the sale, the chief financial officer directly owned 711,525 shares of the company's stock, valued at approximately $9,242,709.75. This represents a 6.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 326,960 shares of company stock valued at $4,018,019 over the last quarter. Insiders own 7.65% of the company's stock.

Institutional Investors Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System boosted its position in Archer Aviation by 26.2% during the fourth quarter. California State Teachers Retirement System now owns 241,396 shares of the company's stock valued at $2,354,000 after purchasing an additional 50,104 shares during the last quarter. New York State Common Retirement Fund lifted its holdings in shares of Archer Aviation by 47.6% during the 1st quarter. New York State Common Retirement Fund now owns 100,087 shares of the company's stock valued at $712,000 after buying an additional 32,300 shares during the last quarter. Private Advisor Group LLC lifted its holdings in shares of Archer Aviation by 429.6% during the 1st quarter. Private Advisor Group LLC now owns 272,072 shares of the company's stock valued at $1,934,000 after buying an additional 220,696 shares during the last quarter. Janney Montgomery Scott LLC grew its stake in shares of Archer Aviation by 64.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 81,681 shares of the company's stock valued at $581,000 after buying an additional 31,933 shares in the last quarter. Finally, Teacher Retirement System of Texas acquired a new position in Archer Aviation in the first quarter worth approximately $391,000. Hedge funds and other institutional investors own 59.34% of the company's stock.

Archer Aviation Price Performance

The company has a debt-to-equity ratio of 0.07, a current ratio of 15.80 and a quick ratio of 15.80. The stock has a market capitalization of $5.59 billion, a price-to-earnings ratio of -7.76 and a beta of 3.08. The stock's 50 day simple moving average is $10.64 and its 200-day simple moving average is $9.34.

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

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.

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