Archer Aviation (NYSE:ACHR) Trading 2.7% Higher - Here's Why

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shot up 2.7% during mid-day trading on Wednesday . The company traded as high as $10.28 and last traded at $10.19. 13,601,914 shares traded hands during trading, a decline of 56% from the average session volume of 31,048,742 shares. The stock had previously closed at $9.92.

Wall Street Analyst Weigh In

ACHR has been the topic of several analyst reports. HC Wainwright reissued a "buy" rating and issued a $18.00 price objective (up previously from $12.00) on shares of Archer Aviation in a research note on Monday, June 9th. Needham & Company LLC reissued a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a report on Tuesday, May 13th. Raymond James Financial lifted their price target on Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a report on Friday, February 21st. Cantor Fitzgerald restated an "overweight" rating and issued a $13.00 target price on shares of Archer Aviation in a research note on Friday, May 16th. Finally, Canaccord Genuity Group reduced their price objective on shares of Archer Aviation from $13.50 to $13.00 and set a "buy" rating for the company in a research note on Monday. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $13.13.

Archer Aviation Stock Up 2.9%

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 company has a fifty day moving average price of $9.55 and a 200 day moving average price of $8.99. The company has a market cap of $5.60 billion, a PE ratio of -7.79 and a beta of 3.13.

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

Insider Buying and Selling at Archer Aviation

In other news, General Counsel Eric Lentell sold 50,004 shares of the firm's stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $7.04, for a total value of $352,028.16. Following the transaction, the general counsel now owns 45,416 shares in the company, valued at approximately $319,728.64. This trade represents a 52.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Tosha Perkins sold 33,335 shares of the company's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $234,678.40. Following the transaction, the insider now directly owns 262,673 shares of the company's stock, valued at approximately $1,849,217.92. This trade represents 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 worth $4,627,418 over the last 90 days. Corporate insiders own 7.65% of the company's stock.

Institutional Investors Weigh In On Archer Aviation

Large investors have recently modified their holdings of the stock. Voya Investment Management LLC raised its position 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 worth $611,000 after acquiring an additional 15,936 shares in the last quarter. Rhumbline Advisers grew its stake in Archer Aviation by 38.0% in the first quarter. Rhumbline Advisers now owns 430,920 shares of the company's stock worth $3,064,000 after purchasing an additional 118,598 shares during the period. Strs Ohio bought a new position in Archer Aviation in the first quarter worth $27,000. Intech Investment Management LLC lifted its position in Archer Aviation by 89.4% during the first quarter. Intech Investment Management LLC now owns 196,100 shares of the company's stock valued at $1,394,000 after buying an additional 92,553 shares during the period. Finally, Focus Partners Wealth grew its position 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 worth $271,000 after buying an additional 2,179 shares during the period. Institutional investors own 59.34% of the company's stock.

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.