Archer Aviation (NYSE:ACHR) Trading 3.4% Higher - Here's What Happened

Key Points

• Archer Aviation's stock rose 3.4%, reaching a last traded price of $9.87, after closing at $9.54, despite a slight drop in trading volume.
• Analysts have given Archer Aviation an average rating of "Moderate Buy" with a price target averaging $13.43, with several firms reaffirming buy ratings.
• CFO Mark Mesler and General Counsel Eric Lentell sold shares recently, indicating some insider selling activity, although 59.34% of shares are still owned by institutional investors.

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shot up 3.4% on Tuesday . The company traded as high as $10.03 and last traded at $9.87. 31,435,211 shares traded hands during trading, a decline of 5% from the average session volume of 33,072,477 shares. The stock had previously closed at $9.54.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ACHR. Canaccord Genuity Group restated a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. UBS Group reissued a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Needham & Company LLC restated a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a research note on Tuesday. JPMorgan Chase & Co. raised their price objective on Archer Aviation from $9.00 to $10.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of Archer Aviation in a research report on Thursday, July 17th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $13.43.

Archer Aviation Trading Down 0.8%

The business's 50 day simple moving average is $10.59 and its 200 day simple moving average is $9.37. 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 company has a market capitalization of $5.58 billion, a price-to-earnings ratio of -7.51 and a beta of 3.08.

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 (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.12). Research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Priya Gupta sold 13,210 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $171,597.90. Following the completion of the sale, the chief financial officer directly owned 134,104 shares of the company's stock, valued at $1,742,010.96. This trade represents a 8.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Tosha Perkins sold 40,186 shares of the company's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $522,016.14. Following the transaction, the insider owned 256,799 shares of the company's stock, valued at approximately $3,335,819.01. The trade was a 13.53% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 326,960 shares of company stock valued at $4,018,019. 7.65% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. ARK Investment Management LLC raised 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 valued at $321,003,000 after buying an additional 2,270,471 shares during the last quarter. Vanguard Group Inc. increased its position in Archer Aviation by 19.7% during the 1st quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company's stock worth $140,275,000 after purchasing an additional 3,249,106 shares in the last quarter. Geode Capital Management LLC grew its stake in Archer Aviation by 44.1% during 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. Alyeska Investment Group L.P. increased its holdings in Archer Aviation by 158.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock valued at $48,748,000 after purchasing an additional 3,064,280 shares in the last quarter. Finally, Alpine Global Management LLC raised its holdings in shares of Archer Aviation by 16.7% during the 1st quarter. Alpine Global Management LLC now owns 4,301,402 shares of the company's stock valued at $30,583,000 after buying an additional 615,481 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.