Archer Aviation (NYSE:ACHR) Stock Price Up 1.1% - Here's What Happened

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) traded up 1.1% during mid-day trading on Thursday . The stock traded as high as $10.56 and last traded at $10.56. 7,235,235 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 26,912,433 shares. The stock had previously closed at $10.45.

Analysts Set New Price Targets

Several equities analysts have weighed in on ACHR shares. HC Wainwright reiterated a "buy" rating and set a $18.00 price objective (up from $12.00) on shares of Archer Aviation in a research report on Monday, June 9th. Canaccord Genuity Group lowered their price objective on shares of Archer Aviation from $13.50 to $13.00 and set a "buy" rating on the stock in a research report on Monday, June 16th. Cantor Fitzgerald reiterated an "overweight" rating and set a $13.00 price objective on shares of Archer Aviation in a research report on Monday, June 23rd. Finally, Needham & Company LLC reiterated a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a research report on Tuesday, May 13th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average 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 stock has a market capitalization of $5.78 billion, a price-to-earnings ratio of -8.04 and a beta of 3.10. The company's 50-day simple moving average is $10.36 and its 200 day simple moving average is $9.23.

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

Insider Transactions at Archer Aviation

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 completion of the transaction, the chief financial officer 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 SEC, which is available at the SEC website. Also, insider Tosha Perkins sold 50,000 shares of the company's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $8.47, for a total transaction of $423,500.00. Following the sale, the insider owned 212,673 shares of the company's stock, valued at $1,801,340.31. The trade was a 19.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 376,960 shares of company stock worth $4,441,519 over the last ninety days. 7.65% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Archer Aviation

Several institutional investors and hedge funds have recently made changes to their positions in the company. EP Wealth Advisors LLC raised its holdings in shares of Archer Aviation by 6.7% in the 4th quarter. EP Wealth Advisors LLC now owns 16,000 shares of the company's stock valued at $156,000 after purchasing an additional 1,000 shares during the period. Harbour Investments Inc. lifted its stake in Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock valued at $30,000 after purchasing an additional 1,095 shares during the last quarter. Farther Finance Advisors LLC raised its stake in shares of Archer Aviation by 45.7% during the second quarter. Farther Finance Advisors LLC now owns 3,524 shares of the company's stock valued at $38,000 after acquiring an additional 1,106 shares during the last quarter. Moody National Bank Trust Division raised its stake in shares of Archer Aviation by 0.7% during the second quarter. Moody National Bank Trust Division now owns 169,345 shares of the company's stock valued at $1,837,000 after acquiring an additional 1,211 shares during the last quarter. Finally, Anchor Investment Management LLC raised its stake in shares of Archer Aviation by 58.3% during the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock valued at $32,000 after acquiring an additional 1,224 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.