Archer Aviation (NYSE:ACHR) Trading 1.8% Higher - What's Next?

Key Points

• Archer Aviation's stock has seen a 1.8% increase, reaching a trading price of $13.00 amidst a significant boost in trading volume, which surpassed average session volume by 117%.
• Wall Street analysts maintain a generally positive outlook on Archer Aviation, with an average rating of "Moderate Buy" and a target price of approximately $13.43.
• Insider trading activity indicates substantial sales, with key insiders, including Tosha Perkins and Thomas Paul Muniz, offloading thousands of shares recently, raising questions about confidence in stock performance.

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shares traded up 1.8% during mid-day trading on Tuesday . The company traded as high as $13.50 and last traded at $13.00. 76,720,373 shares traded hands during mid-day trading, an increase of 117% from the average session volume of 35,348,160 shares. The stock had previously closed at $12.77.

Wall Street Analysts Forecast Growth

ACHR has been the subject of a number of research analyst reports. UBS Group restated a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. JPMorgan Chase & Co. raised their target price on Archer Aviation from $9.00 to $10.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Needham & Company LLC restated a "buy" rating and set a $13.00 target price on shares of Archer Aviation in a report on Tuesday, August 12th. Canaccord Genuity Group reiterated a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Finally, HC Wainwright reiterated a "buy" rating and issued a $18.00 price target on shares of Archer Aviation in a research note on Tuesday, August 12th. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $13.43.

Archer Aviation Stock Performance

The firm has a market cap of $8.39 billion, a price-to-earnings ratio of -9.63 and a beta of 3.06. The company has a quick ratio of 22.30, a current ratio of 22.30 and a debt-to-equity ratio of 0.05. The stock has a fifty day moving average price of $9.78 and a 200-day moving average price of $9.71.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings data 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). On average, analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Archer Aviation news, insider Tosha Perkins sold 42,775 shares of the business'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 $420,478.25. Following the sale, the insider directly owned 295,337 shares in the company, valued at approximately $2,903,162.71. The trade was a 12.65% 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, CTO Thomas Paul Muniz sold 86,133 shares of the business'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 $846,687.39. Following the sale, the chief technology officer owned 1,327,469 shares in the company, valued at approximately $13,049,020.27. The trade was a 6.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 188,068 shares of company stock worth $1,848,708. Insiders own 7.65% of the company's stock.

Hedge Funds Weigh In On Archer Aviation

Several large investors have recently added to or reduced their stakes in ACHR. Clear Creek Financial Management LLC acquired a new stake in Archer Aviation during the 2nd quarter worth approximately $465,000. New York State Common Retirement Fund grew its position in shares of Archer Aviation by 47.6% in the 1st quarter. New York State Common Retirement Fund now owns 100,087 shares of the company's stock worth $712,000 after acquiring an additional 32,300 shares in the last quarter. Private Advisor Group LLC lifted its holdings in shares of Archer Aviation by 429.6% in the 1st quarter. Private Advisor Group LLC now owns 272,072 shares of the company's stock worth $1,934,000 after purchasing an additional 220,696 shares during the last quarter. Virtu Financial LLC lifted its holdings in shares of Archer Aviation by 704.2% in the 1st quarter. Virtu Financial LLC now owns 359,555 shares of the company's stock worth $2,556,000 after purchasing an additional 314,844 shares during the last quarter. Finally, Swiss National Bank raised its stake in Archer Aviation by 42.4% during the 1st quarter. Swiss National Bank now owns 728,900 shares of the company's stock valued at $5,182,000 after acquiring an additional 217,200 shares in the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.

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