Archer Aviation (NYSE:ACHR) Stock Price Up 10.3% After Earnings Beat

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) traded up 10.3% on Friday following a better than expected earnings announcement. The company traded as high as $8.76 and last traded at $8.73. 24,637,920 shares changed hands during trading, a decline of 25% from the average session volume of 32,738,414 shares. The stock had previously closed at $7.92.

The company reported ($0.30) earnings per share for the quarter, beating analysts' consensus estimates of ($0.40) by $0.10.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ACHR. HC Wainwright restated a "buy" rating and issued a $12.50 target price on shares of Archer Aviation in a report on Friday. Cantor Fitzgerald lifted their target price on Archer Aviation from $10.00 to $13.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 18th. JPMorgan Chase & Co. cut shares of Archer Aviation from an "overweight" rating to a "neutral" rating and boosted their price objective for the company from $6.00 to $9.00 in a research report on Friday, January 10th. Needham & Company LLC upped their target price on Archer Aviation from $11.00 to $13.00 and gave the stock a "buy" rating in a report on Friday. Finally, Raymond James upped their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research report on Friday, February 21st. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $11.61.

Insider Buying and Selling at Archer Aviation

In related news, insider Tosha Perkins sold 150,000 shares of Archer Aviation stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $6.40, for a total transaction of $960,000.00. Following the transaction, the insider now owns 197,355 shares in the company, valued at approximately $1,263,072. This trade represents a 43.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Thomas Paul Muniz sold 50,000 shares of the firm's stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $9.00, for a total value of $450,000.00. Following the sale, the chief technology officer now directly owns 1,120,360 shares of the company's stock, valued at $10,083,240. The trade was a 4.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,057,729 shares of company stock valued at $8,473,770. Company insiders own 9.75% of the company's stock.

Hedge Funds Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Total Wealth Planning & Management Inc. acquired a new stake in Archer Aviation during the 4th quarter worth $450,000. Infinitum Asset Management LLC purchased a new stake in shares of Archer Aviation during the 4th quarter worth approximately $10,844,000. Sunbelt Securities Inc. purchased a new position in Archer Aviation in the 4th quarter valued at approximately $27,000. PharVision Advisers LLC acquired a new position in shares of Archer Aviation during the 4th quarter worth $187,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Archer Aviation by 62.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 558,603 shares of the company's stock worth $5,446,000 after acquiring an additional 215,593 shares during the last quarter. Hedge funds and other institutional investors own 59.34% of the company's stock.

Archer Aviation Price Performance

The stock has a market capitalization of $3.35 billion, a price-to-earnings ratio of -5.96 and a beta of 3.13. The company has a 50-day moving average of $9.59 and a 200-day moving average of $6.28. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03.

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.