Archer Aviation (NYSE:ACHR) Shares Up 2.9% - Here's What Happened

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) was up 2.9% during mid-day trading on Thursday . The company traded as high as $10.37 and last traded at $10.22. Approximately 11,504,845 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 25,942,038 shares. The stock had previously closed at $9.93.

Analyst Ratings Changes

A number of analysts have issued reports on ACHR shares. Cantor Fitzgerald reiterated an "overweight" rating and issued a $13.00 target price on shares of Archer Aviation in a research note on Monday. Canaccord Genuity Group decreased their price objective on shares of Archer Aviation from $13.50 to $13.00 and set a "buy" rating for the company in a report on Monday, June 16th. HC Wainwright reaffirmed a "buy" rating and set a $18.00 price objective (up from $12.00) on shares of Archer Aviation in a report on Monday, June 9th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a report on Tuesday, May 13th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Archer Aviation currently has an average rating of "Moderate Buy" and an average target price of $13.13.

Archer Aviation Trading Up 6.4%

The stock has a market capitalization of $5.80 billion, a price-to-earnings ratio of -8.06 and a beta of 3.13. The company's 50 day moving average is $9.92 and its 200 day moving average is $9.11. The company has a debt-to-equity ratio of 0.07, a quick ratio of 15.80 and a current ratio of 15.80.

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

Insider Activity at Archer Aviation

In other news, CFO Mark Mesler sold 34,498 shares of the 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 completion of the transaction, the chief financial officer now owns 659,357 shares in the company, valued at approximately $4,641,873.28. This represents a 4.97% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Thomas Paul Muniz sold 80,919 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $1,051,137.81. Following the completion of the transaction, the chief technology officer now owns 1,253,294 shares of the company's stock, valued at approximately $16,280,289.06. This represents a 6.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 451,859 shares of company stock worth $4,627,418 in the last ninety days. 7.65% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds have recently made changes to their positions in ACHR. ARK Investment Management LLC raised its stake in shares of Archer Aviation by 27.1% in the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock valued at $291,643,000 after buying an additional 6,371,647 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Archer Aviation in the 4th quarter valued at $42,709,000. Vanguard Group Inc. increased its position in shares of Archer Aviation by 19.7% during the 1st quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company's stock worth $140,275,000 after purchasing an additional 3,249,106 shares in the last quarter. Nuveen LLC bought a new position in Archer Aviation during the 1st quarter valued at about $22,423,000. Finally, Alyeska Investment Group L.P. boosted its position in Archer Aviation by 158.3% in the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock valued at $48,748,000 after buying an additional 3,064,280 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company's stock.

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.