Archer Aviation (NYSE:ACHR) Trading Up 7.7% on Analyst Upgrade

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) traded up 7.7% during trading on Monday after Canaccord Genuity Group raised their price target on the stock from $13.00 to $13.50. Canaccord Genuity Group currently has a buy rating on the stock. Archer Aviation traded as high as $11.44 and last traded at $10.98. 35,849,812 shares were traded during trading, an increase of 49% from the average session volume of 24,136,212 shares. The stock had previously closed at $10.19.

ACHR has been the topic of several other research reports. HC Wainwright reiterated a "buy" rating and set a $12.50 price objective on shares of Archer Aviation in a research report on Friday, February 28th. Deutsche Bank Aktiengesellschaft lifted their price objective on Archer Aviation from $11.00 to $15.00 and gave the company a "buy" rating in a report on Friday, December 13th. Raymond James increased their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research report on Friday, February 21st. Cantor Fitzgerald increased their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a research report on Wednesday, December 18th. Finally, Needham & Company LLC increased their price target on shares of Archer Aviation from $11.00 to $13.00 and gave the stock a "buy" rating in a report on Friday, February 28th. One research analyst has rated the stock with a hold rating and seven have given a buy 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 $13.19.

Insider Transactions at Archer Aviation

In other Archer Aviation news, CFO Priya Gupta sold 13,210 shares of the company's 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 sale, the chief financial officer now owns 134,104 shares of the company's stock, valued at approximately $1,742,010.96. This represents a 8.97% decrease in their ownership of the stock. The transaction 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 the firm's stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $7.04, for a total value of $242,865.92. Following the completion of the sale, the chief financial officer now directly owns 659,357 shares in the company, valued at approximately $4,641,873.28. The trade was a 4.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 451,859 shares of company stock valued at $4,627,418. 7.65% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Archer Aviation

A number of large investors have recently modified their holdings of ACHR. EP Wealth Advisors LLC increased its holdings in Archer Aviation by 6.7% during the 4th quarter. EP Wealth Advisors LLC now owns 16,000 shares of the company's stock worth $156,000 after purchasing an additional 1,000 shares during the last quarter. Harbour Investments Inc. lifted its stake in Archer Aviation by 54.7% in the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock valued at $30,000 after buying an additional 1,095 shares during the last quarter. Anchor Investment Management LLC raised its stake in shares of Archer Aviation by 58.3% during the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock valued at $32,000 after purchasing an additional 1,224 shares in the last quarter. Sanctuary Advisors LLC raised its position in Archer Aviation by 4.7% in the fourth quarter. Sanctuary Advisors LLC now owns 27,740 shares of the company's stock worth $257,000 after acquiring an additional 1,246 shares in the last quarter. Finally, Xponance Inc. raised its position in Archer Aviation by 8.5% in the fourth quarter. Xponance Inc. now owns 16,600 shares of the company's stock worth $162,000 after acquiring an additional 1,299 shares in the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

Archer Aviation Price Performance

The stock has a 50 day moving average of $9.29 and a two-hundred day moving average of $8.94. The stock has a market cap of $6.45 billion, a PE ratio of -8.89 and a beta of 3.13. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03.

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

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.