Archer Aviation (NYSE:ACHR) Trading Up 2.9% - What's Next?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price was up 2.9% during mid-day trading on Thursday . The company traded as high as $10.28 and last traded at $10.21. Approximately 36,690,643 shares traded hands during mid-day trading, an increase of 43% from the average daily volume of 25,581,314 shares. The stock had previously closed at $9.92.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Needham & Company LLC reissued a "buy" rating and issued a $13.00 target price on shares of Archer Aviation in a report on Tuesday, May 13th. Canaccord Genuity Group reduced their target price on shares of Archer Aviation from $13.50 to $13.00 and set a "buy" rating on the stock in a report on Monday. HC Wainwright reaffirmed a "buy" rating and issued a $18.00 price target (up previously from $12.00) on shares of Archer Aviation in a report on Monday, June 9th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $13.00 price target on shares of Archer Aviation in a research report on Friday, May 16th. Finally, Raymond James Financial upped their price objective on Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research report on Friday, February 21st. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $13.13.

Archer Aviation Stock Performance

The firm has a fifty day moving average price of $9.61 and a two-hundred day moving average price of $9.01. 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 stock has a market capitalization of $5.58 billion, a PE ratio of -7.74 and a beta of 3.13.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its earnings results on Monday, May 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.21) by $0.04. Research analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Buying and Selling at Archer Aviation

In related news, CTO Thomas Paul Muniz sold 80,919 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $12.99, for a total value of $1,051,137.81. Following the completion of the sale, the chief technology officer now owns 1,253,294 shares in the company, valued at approximately $16,280,289.06. The trade was a 6.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark Mesler sold 34,498 shares of Archer Aviation stock in a transaction on Monday, March 31st. The shares were sold at an average price of $7.04, for a total value of $242,865.92. Following the sale, the chief financial officer now directly owns 659,357 shares of the company's stock, valued at approximately $4,641,873.28. This trade represents a 4.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 451,859 shares of company stock valued at $4,627,418 in the last three months. Company insiders own 7.65% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ACHR. Voya Investment Management LLC raised its holdings in shares of Archer Aviation by 22.7% in the 1st quarter. Voya Investment Management LLC now owns 86,005 shares of the company's stock valued at $611,000 after purchasing an additional 15,936 shares in the last quarter. Rhumbline Advisers lifted its holdings in Archer Aviation by 38.0% during the first quarter. Rhumbline Advisers now owns 430,920 shares of the company's stock worth $3,064,000 after buying an additional 118,598 shares during the period. Strs Ohio purchased a new stake in Archer Aviation during the first quarter worth $27,000. Intech Investment Management LLC boosted its position in Archer Aviation by 89.4% during the 1st 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% in the 1st 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 during the period. 59.34% of the stock is currently owned by institutional investors.

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.