Archer Aviation (NYSE:ACHR) Stock Price Up 1.8% - Here's What Happened

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) rose 1.8% during trading on Tuesday . The stock traded as high as $10.44 and last traded at $9.91. Approximately 10,253,582 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 23,565,506 shares. The stock had previously closed at $9.73.

Analyst Ratings Changes

Several research firms have recently commented on ACHR. Raymond James boosted their price objective on Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a report on Friday, February 21st. Needham & Company LLC restated a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a report on Tuesday, May 13th. Cantor Fitzgerald restated an "overweight" rating and set a $13.00 price objective on shares of Archer Aviation in a report on Friday, May 16th. HC Wainwright restated a "buy" rating and set a $12.50 price objective on shares of Archer Aviation in a report on Tuesday, May 13th. Finally, Canaccord Genuity Group boosted their price objective on Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a report on Friday, February 28th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, Archer Aviation currently has a consensus rating of "Moderate Buy" and an average price target of $12.50.

Archer Aviation Price Performance

The company has a fifty day moving average of $8.79 and a 200-day moving average of $8.72. The firm has a market cap of $5.30 billion, a P/E ratio of -7.32 and a beta of 3.13. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

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

Insider Activity

In related news, CFO Priya Gupta sold 13,210 shares of the business's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $171,597.90. Following the sale, the chief financial officer now directly owns 134,104 shares in the company, valued at approximately $1,742,010.96. The trade was a 8.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Tosha Perkins sold 33,335 shares of the business's stock in a transaction on Monday, March 31st. The shares were sold at an average price of $7.04, for a total value of $234,678.40. Following the sale, the insider now owns 262,673 shares in the company, valued at approximately $1,849,217.92. The trade was a 11.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 451,859 shares of company stock valued at $4,627,418 in the last 90 days. Insiders own 7.65% of the company's stock.

Institutional Trading of Archer Aviation

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Allworth Financial LP increased its stake in Archer Aviation by 87.0% in the 1st quarter. Allworth Financial LP now owns 3,577 shares of the company's stock worth $25,000 after acquiring an additional 1,664 shares during the last quarter. Sunbelt Securities Inc. bought a new position in Archer Aviation in the 4th quarter worth about $27,000. Strs Ohio bought a new position in Archer Aviation in the 1st quarter worth about $27,000. Tidemark LLC increased its stake in Archer Aviation by 100.0% in the 1st quarter. Tidemark LLC now owns 4,000 shares of the company's stock worth $28,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Conquis Financial LLC bought a new position in Archer Aviation in the 4th quarter worth about $29,000. 59.34% of the stock is currently owned by 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.