Archer Aviation (NYSE:ACHR) Stock Price Up 13.2% - Here's Why

Key Points

• Archer Aviation's stock price increased by 13.2% on a recent trading day, reaching a last traded price of $11.52 and significantly increasing its trading volume to 107.7 million shares.
• Wall Street analysts maintain a positive outlook with seven "Buy" ratings, while the stock has a consensus price target of $13.43, despite a recent earnings miss of ($0.36) per share.
• Insider transactions revealed significant sales with insiders selling nearly 188,068 shares over the last 90 days, reflecting a notable decrease in their holdings.

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) traded up 13.2% on Friday . The company traded as high as $11.59 and last traded at $11.52. 107,698,455 shares were traded during mid-day trading, an increase of 222% from the average session volume of 33,403,832 shares. The stock had previously closed at $10.18.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Cantor Fitzgerald reissued an "overweight" rating on shares of Archer Aviation in a report on Thursday, July 17th. UBS Group reiterated a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Canaccord Genuity Group reaffirmed a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Needham & Company LLC reissued a "buy" rating and issued a $13.00 price target on shares of Archer Aviation in a report on Tuesday, August 12th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Archer Aviation in a report on Saturday, September 27th. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $13.43.

Archer Aviation Trading Up 13.2%

The company has a current ratio of 22.30, a quick ratio of 22.30 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $7.43 billion, a price-to-earnings ratio of -8.53 and a beta of 3.06. The firm has a 50-day moving average of $9.49 and a 200 day moving average of $9.51.

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

Insider Transactions at Archer Aviation

In other news, insider Eric Lentell sold 48,936 shares of the firm's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $481,040.88. Following the completion of the sale, the insider directly owned 47,518 shares of the company's stock, valued at $467,101.94. This trade represents a 50.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Tosha Perkins sold 42,775 shares of the firm's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $420,478.25. Following the completion of the sale, the insider directly owned 295,337 shares of the company's stock, 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. In the last 90 days, insiders sold 188,068 shares of company stock valued at $1,848,708. Company insiders own 7.65% of the company's stock.

Institutional Trading of Archer Aviation

Several hedge funds and other institutional investors have recently modified their holdings of the business. ARK Investment Management LLC boosted its position in shares of Archer Aviation by 8.3% in the second quarter. ARK Investment Management LLC now owns 29,585,504 shares of the company's stock worth $321,003,000 after buying an additional 2,270,471 shares during the period. Vanguard Group Inc. boosted its position in shares of Archer Aviation by 19.7% in the first quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company's stock worth $140,275,000 after buying an additional 3,249,106 shares during the period. Geode Capital Management LLC boosted its position in shares of Archer Aviation by 44.1% in the second quarter. Geode Capital Management LLC now owns 11,991,714 shares of the company's stock worth $130,125,000 after buying an additional 3,671,753 shares during the period. Alpine Global Management LLC boosted its position in shares of Archer Aviation by 16.7% in the first quarter. Alpine Global Management LLC now owns 4,301,402 shares of the company's stock worth $30,583,000 after buying an additional 615,481 shares during the period. Finally, Man Group plc boosted its position in shares of Archer Aviation by 13,793.3% in the second quarter. Man Group plc now owns 4,212,722 shares of the company's stock worth $45,708,000 after buying an additional 4,182,400 shares during the period. Institutional investors and hedge funds own 59.34% of the company's stock.

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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