Archer Aviation (NYSE:ACHR) Shares Up 4.3% - What's Next?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price shot up 4.3% during mid-day trading on Thursday . The company traded as high as $12.82 and last traded at $12.62. 28,945,413 shares traded hands during mid-day trading, an increase of 5% from the average session volume of 27,645,503 shares. The stock had previously closed at $12.09.

Analysts Set New Price Targets

A number of research firms recently weighed in on ACHR. HC Wainwright restated a "buy" rating and issued a $18.00 price target (up from $12.00) on shares of Archer Aviation in a research note on Monday, June 9th. Canaccord Genuity Group decreased their target price on Archer Aviation from $13.50 to $13.00 and set a "buy" rating on the stock in a research report on Monday, June 16th. Needham & Company LLC restated a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a research report on Tuesday, May 13th. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $13.00 price objective on shares of Archer Aviation in a research report on Monday, June 23rd. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $13.13.

Archer Aviation Price Performance

The stock has a market cap of $7.35 billion, a PE ratio of -10.22 and a beta of 3.10. 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 business has a fifty day moving average of $10.56 and a 200 day moving average of $9.24.

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

Insider Buying and Selling at Archer Aviation

In other news, CFO Mark Mesler sold 50,775 shares of the business's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $12.99, for a total value of $659,567.25. Following the sale, the chief financial officer owned 711,525 shares of the company's stock, valued at approximately $9,242,709.75. The trade was a 6.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Priya Gupta sold 13,210 shares of the business's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $12.99, for a total value of $171,597.90. Following the completion of the sale, the chief financial officer directly owned 134,104 shares in the company, valued at $1,742,010.96. This represents a 8.97% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 376,960 shares of company stock worth $4,441,519. Corporate insiders own 7.65% of the company's stock.

Institutional Trading of Archer Aviation

A number of hedge funds and other institutional investors have recently modified their holdings of ACHR. Renaissance Technologies LLC purchased a new stake in shares of Archer Aviation during the fourth quarter worth $42,709,000. Vanguard Group Inc. raised its holdings in shares of Archer Aviation by 19.7% during the first quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company's stock worth $140,275,000 after acquiring an additional 3,249,106 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Archer Aviation during the first quarter worth $22,423,000. Alyeska Investment Group L.P. raised its holdings in shares of Archer Aviation by 158.3% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock worth $48,748,000 after acquiring an additional 3,064,280 shares in the last quarter. Finally, Two Sigma Investments LP raised its holdings in shares of Archer Aviation by 3,166.8% during the fourth quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company's stock worth $29,377,000 after acquiring an additional 2,920,752 shares in the last quarter. Institutional investors own 59.34% of the company's stock.

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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