Archer Aviation (NYSE:ACHR) Stock Price Up 6.1% - Here's Why

Key Points

• Archer Aviation shares rose 6.1% to $4.755 during mid-day trading, with about 31.4 million shares changing hands.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $11.83; Canaccord lowered its target to $12 while maintaining a Buy rating.
• The company reported a quarterly loss of $0.28 per share, missing expectations by $0.03, while insiders sold shares primarily to cover tax obligations. Institutional investors, however, increased their holdings, and funds collectively own 59.34% of the stock.

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) was up 6.1% during mid-day trading on Thursday . The stock traded as high as $4.77 and last traded at $4.7550. Approximately 31,437,557 shares traded hands during mid-day trading, a decline of 17% from the average daily volume of 37,721,938 shares. The stock had previously closed at $4.48.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ACHR shares. Canaccord Genuity Group cut their target price on Archer Aviation from $13.00 to $12.00 and set a "buy" rating on the stock in a research report on Tuesday, May 12th. Weiss Ratings reissued a "sell (d-)" rating on shares of Archer Aviation in a research report on Friday, July 17th. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Archer Aviation currently has a consensus rating of "Hold" and a consensus price target of $11.83.

Archer Aviation Trading Up 6.1%

The company has a debt-to-equity ratio of 0.06, a current ratio of 18.06 and a quick ratio of 18.06. The firm has a market capitalization of $3.61 billion, a PE ratio of -4.32 and a beta of 3.19. The business's 50-day moving average price is $5.38 and its 200-day moving average price is $6.18.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The company had revenue of $1.60 million for the quarter, compared to analysts' expectations of $1.66 million. During the same period last year, the business posted ($0.17) EPS. As a group, analysts expect that Archer Aviation Inc. will post -1.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In other news, insider Eric Lentell sold 48,169 shares of the company's stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $286,605.55. Following the completion of the sale, the insider directly owned 141,084 shares of the company's stock, valued at approximately $839,449.80. This represents a 25.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Thomas Paul Muniz sold 91,839 shares of the firm's stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $546,442.05. Following the transaction, the chief technology officer directly owned 1,462,314 shares in the company, valued at approximately $8,700,768.30. This represents a 5.91% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 250,743 shares of company stock valued at $1,497,672. Company insiders own 5.55% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC purchased a new stake in shares of Archer Aviation during the first quarter worth approximately $293,000. Integrated Wealth Concepts LLC grew its position in Archer Aviation by 11.1% in the 1st quarter. Integrated Wealth Concepts LLC now owns 13,770 shares of the company's stock valued at $98,000 after buying an additional 1,373 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Archer Aviation by 44.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 192,164 shares of the company's stock valued at $1,366,000 after buying an additional 59,317 shares during the period. NewEdge Advisors LLC increased its stake in Archer Aviation by 5.1% in the 1st quarter. NewEdge Advisors LLC now owns 35,739 shares of the company's stock valued at $254,000 after buying an additional 1,738 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Archer Aviation by 51.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 844,017 shares of the company's stock worth $6,001,000 after buying an additional 285,414 shares during the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

Archer Aviation Company Profile

Archer Aviation, Inc NYSE: ACHR is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company's flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.

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