Archer Aviation (NYSE:ACHR) Stock Price Up 3.5% - Here's Why

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price traded up 3.5% on Monday . The company traded as high as $9.33 and last traded at $9.12. 8,788,706 shares were traded during mid-day trading, a decline of 59% from the average session volume of 21,568,736 shares. The stock had previously closed at $8.81.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ACHR shares. Canaccord Genuity Group upped their price objective on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a research report on Friday, February 28th. Needham & Company LLC reiterated a "buy" rating and issued a $13.00 target price on shares of Archer Aviation in a report on Tuesday. Raymond James increased their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research note on Friday, February 21st. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $12.50 target price on shares of Archer Aviation in a research report on Tuesday. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $11.61.

Archer Aviation Trading Up 1.3%

The stock has a market cap of $6.13 billion, a price-to-earnings ratio of -8.56 and a beta of 3.13. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The business has a 50 day simple moving average of $7.84 and a two-hundred day simple moving average of $7.95.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping analysts' consensus estimates of ($0.40) by $0.10. As a group, equities analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Activity

In related news, CTO Thomas Paul Muniz sold 99,224 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $764,024.80. Following the completion of the sale, the chief technology officer now owns 1,131,443 shares in the company, valued at $8,712,111.10. This represents a 8.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark Mesler sold 62,258 shares of the business's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $479,386.60. Following the transaction, the chief financial officer now owns 630,243 shares in the company, valued at approximately $4,852,871.10. The trade was a 8.99% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 474,780 shares of company stock worth $3,581,581. 9.75% of the stock is owned by corporate insiders.

Institutional Trading of Archer Aviation

Several institutional investors and hedge funds have recently made changes to their positions in the business. Hsbc Holdings PLC raised its holdings in Archer Aviation by 29.8% during the first quarter. Hsbc Holdings PLC now owns 50,016 shares of the company's stock worth $354,000 after acquiring an additional 11,491 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Archer Aviation by 5.6% in the first quarter. Wellington Management Group LLP now owns 1,722,771 shares of the company's stock worth $12,249,000 after acquiring an additional 90,812 shares during the last quarter. Northern Trust Corp grew its stake in shares of Archer Aviation by 32.5% during the first quarter. Northern Trust Corp now owns 3,108,457 shares of the company's stock worth $22,101,000 after buying an additional 762,398 shares during the last quarter. Watts Gwilliam & Co. LLC grew its position in Archer Aviation by 524.2% during the 1st quarter. Watts Gwilliam & Co. LLC now owns 100,500 shares of the company's stock worth $715,000 after acquiring an additional 84,400 shares during the last quarter. Finally, Algert Global LLC bought a new position in shares of Archer Aviation during the first quarter valued at $1,527,000. 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.