Archer Aviation (NYSE:ACHR) Shares Up 4.8% - Here's What Happened

Key Points

• Archer Aviation (NYSE:ACHR) shares surged 4.8% during trading on Tuesday, reaching a high of $10.33 before closing at $10.01, with trading volume significantly increased to 65 million shares compared to the average of 32 million.
• Multiple analysts have recently upgraded Archer Aviation's stock, with Needham & Company and HC Wainwright issuing buy ratings and target prices of $13.00 and $18.00, respectively, reflecting strong market confidence.
• Despite missing earnings expectations with a reported loss of $0.36 per share, Archer Aviation is still projected to post earnings of -1.32 per share for the current year, indicating potential for growth amidst ongoing volatility.

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shot up 4.8% during trading on Tuesday . The stock traded as high as $10.33 and last traded at $10.01. 65,434,328 shares changed hands during mid-day trading, an increase of 101% from the average session volume of 32,548,811 shares. The stock had previously closed at $9.55.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ACHR. Cantor Fitzgerald reissued an "overweight" rating on shares of Archer Aviation in a research note on Thursday, July 17th. JPMorgan Chase & Co. lifted their target price on Archer Aviation from $9.00 to $10.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Needham & Company LLC reissued a "buy" rating and issued a $13.00 target price on shares of Archer Aviation in a research note on Tuesday, August 12th. HC Wainwright reissued a "buy" rating and issued a $18.00 target price on shares of Archer Aviation in a research note on Tuesday, August 12th. Finally, UBS Group restated a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $13.43.

Archer Aviation Trading Up 4.8%

The company has a fifty day simple moving average of $9.84 and a two-hundred day simple moving average of $9.39. The company has a quick ratio of 22.30, a current ratio of 22.30 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $6.45 billion, a P/E ratio of -7.41 and a beta of 3.07.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.12). On average, sell-side analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Transactions at Archer Aviation

In other news, insider Tosha Perkins sold 42,775 shares of the business's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $420,478.25. Following the sale, the insider directly owned 295,337 shares in the company, valued at $2,903,162.71. The trade was a 12.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Eric Lentell sold 48,936 shares of the business's stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $481,040.88. Following the completion of the sale, the insider owned 47,518 shares in the company, valued at approximately $467,101.94. This trade represents a 50.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 283,964 shares of company stock valued at $2,865,206. 7.65% of the stock is currently owned by company insiders.

Institutional Trading of Archer Aviation

Hedge funds and other institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System increased its position in shares of Archer Aviation by 26.2% in the fourth quarter. California State Teachers Retirement System now owns 241,396 shares of the company's stock valued at $2,354,000 after acquiring an additional 50,104 shares during the last quarter. New York State Common Retirement Fund increased its position in shares of Archer Aviation by 47.6% in the first quarter. New York State Common Retirement Fund now owns 100,087 shares of the company's stock valued at $712,000 after acquiring an additional 32,300 shares during the last quarter. Private Advisor Group LLC increased its position in shares of Archer Aviation by 429.6% in the first quarter. Private Advisor Group LLC now owns 272,072 shares of the company's stock valued at $1,934,000 after acquiring an additional 220,696 shares during the last quarter. Virtu Financial LLC increased its position in shares of Archer Aviation by 704.2% in the first quarter. Virtu Financial LLC now owns 359,555 shares of the company's stock valued at $2,556,000 after acquiring an additional 314,844 shares during the last quarter. Finally, Swiss National Bank increased its position in shares of Archer Aviation by 42.4% in the first quarter. Swiss National Bank now owns 728,900 shares of the company's stock valued at $5,182,000 after acquiring an additional 217,200 shares during the last quarter. Institutional investors and hedge funds 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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