Archer Aviation (NYSE:ACHR) Trading Up 1.6% - Here's What Happened

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price was up 1.6% on Friday . The company traded as high as $10.18 and last traded at $10.14. Approximately 19,267,642 shares traded hands during trading, a decline of 28% from the average daily volume of 26,757,496 shares. The stock had previously closed at $9.98.

Analyst Ratings Changes

A number of analysts have recently weighed in on ACHR shares. Cantor Fitzgerald reissued an "overweight" rating and set a $13.00 price objective on shares of Archer Aviation in a research note on Monday, June 23rd. Canaccord Genuity Group dropped their price objective on Archer Aviation from $13.50 to $13.00 and set a "buy" rating for the company in a research note on Monday, June 16th. HC Wainwright reissued a "buy" rating and set a $18.00 price objective (up previously from $12.00) on shares of Archer Aviation in a research note on Monday, June 9th. Finally, Needham & Company LLC reissued a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a research note on Tuesday, May 13th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Archer Aviation has an average rating of "Moderate Buy" and an average price target of $13.13.

Archer Aviation Price Performance

The business has a 50 day moving average of $10.25 and a 200 day moving average of $9.21. The company has a market cap of $5.50 billion, a PE ratio of -7.64 and a beta of 3.10. The company has a debt-to-equity ratio of 0.07, a current ratio of 15.80 and a quick ratio of 15.80.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The company reported ($0.17) EPS for the quarter, topping analysts' consensus estimates of ($0.21) by $0.04. As a group, research analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insiders Place Their Bets

In other Archer Aviation news, insider Tosha Perkins sold 50,000 shares of the stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $8.47, for a total value of $423,500.00. Following the completion of the transaction, the insider owned 212,673 shares in the company, valued at approximately $1,801,340.31. This represents a 19.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $171,597.90. Following the completion of the transaction, the chief financial officer owned 134,104 shares of the company's stock, valued at approximately $1,742,010.96. This trade represents a 8.97% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 376,960 shares of company stock valued at $4,441,519 in the last 90 days. Corporate insiders own 7.65% of the company's stock.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors have recently added to or reduced their stakes in the company. Voya Investment Management LLC raised its holdings in Archer Aviation by 22.7% in the first quarter. Voya Investment Management LLC now owns 86,005 shares of the company's stock worth $611,000 after purchasing an additional 15,936 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of Archer Aviation by 38.0% during the first quarter. Rhumbline Advisers now owns 430,920 shares of the company's stock valued at $3,064,000 after acquiring an additional 118,598 shares in the last quarter. Strs Ohio bought a new position in shares of Archer Aviation during the first quarter valued at $27,000. Intech Investment Management LLC increased its holdings in shares of Archer Aviation by 89.4% during the first quarter. Intech Investment Management LLC now owns 196,100 shares of the company's stock valued at $1,394,000 after acquiring an additional 92,553 shares in the last quarter. Finally, Focus Partners Wealth increased its holdings in shares of Archer Aviation by 6.0% during the first quarter. Focus Partners Wealth now owns 38,284 shares of the company's stock valued at $271,000 after acquiring an additional 2,179 shares in the last quarter. Institutional investors 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.