Archer Aviation (NYSE:ACHR) Trading Up 2.6% - Here's Why

Key Points

• Archer Aviation's stock (NYSE:ACHR) rose by 2.6%, reaching a trading high of $10.17 before closing at $9.83, with trading volume significantly increasing to approximately 50.9 million shares.
• Analysts have a consensus rating of "Moderate Buy" for Archer Aviation, with various firms setting price targets ranging from $10.00 to $18.00, and an average target price of $13.43.
• Despite positive analyst ratings, Archer reported a quarterly loss of ($0.36) EPS, which was below the consensus estimate, indicating challenges in its financial performance.

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shares were up 2.6% during trading on Wednesday . The stock traded as high as $10.17 and last traded at $9.83. Approximately 50,919,821 shares traded hands during trading, an increase of 55% from the average daily volume of 32,866,594 shares. The stock had previously closed at $9.58.

Wall Street Analyst Weigh In

Several research firms recently commented on ACHR. Needham & Company LLC reaffirmed a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a research report on Tuesday, August 12th. Cantor Fitzgerald restated an "overweight" rating on shares of Archer Aviation in a research note on Thursday, July 17th. UBS Group reiterated a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. HC Wainwright reissued a "buy" rating and set a $18.00 price objective on shares of Archer Aviation in a report on Tuesday, August 12th. Finally, JPMorgan Chase & Co. raised their target price on shares of Archer Aviation from $9.00 to $10.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $13.43.

Archer Aviation Price Performance

The firm has a 50 day moving average of $9.53 and a 200-day moving average of $9.47. The company has a current ratio of 22.30, a quick ratio of 22.30 and a debt-to-equity ratio of 0.05. The company has a market cap of $6.34 billion, a P/E ratio of -7.28 and a beta of 3.07.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.12). On average, equities research analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Transactions at Archer Aviation

In related news, CFO Priya Gupta sold 10,224 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $100,501.92. Following the completion of the transaction, the chief financial officer directly owned 147,153 shares of the company's stock, valued at approximately $1,446,513.99. This represents a 6.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Tosha Perkins sold 42,775 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $420,478.25. Following the sale, the insider directly owned 295,337 shares in the company, valued at $2,903,162.71. This trade represents a 12.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 188,068 shares of company stock valued at $1,848,708 over the last three months. Corporate insiders own 7.65% of the company's stock.

Institutional Trading of Archer Aviation

Large investors have recently made changes to their positions in the business. Allworth Financial LP lifted its holdings in shares of Archer Aviation by 87.0% in the 1st quarter. Allworth Financial LP now owns 3,577 shares of the company's stock valued at $25,000 after acquiring an additional 1,664 shares during the last quarter. Strs Ohio purchased a new stake in Archer Aviation during the first quarter valued at approximately $27,000. Tidemark LLC lifted its stake in shares of Archer Aviation by 100.0% in the 1st quarter. Tidemark LLC now owns 4,000 shares of the company's stock valued at $28,000 after purchasing an additional 2,000 shares during the last quarter. AlphaQuest LLC boosted its holdings in shares of Archer Aviation by 1,181.6% in the 2nd quarter. AlphaQuest LLC now owns 2,576 shares of the company's stock worth $28,000 after purchasing an additional 2,375 shares during the period. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of Archer Aviation during the 1st quarter valued at approximately $31,000. 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.

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