Archer Aviation (NYSE:ACHR) Trading Up 3.8% - Here's Why

Key Points

• Archer Aviation's stock price increased by 3.8% to $9.74, with about 8.9 million shares traded, a significant drop from its usual volume.
• Analysts maintain a strong outlook for Archer, with seven "buy" ratings and an average target price of $13.43 according to recent reports.
• Insider selling occurred recently, with Eric Lentell and Tosha Perkins selling shares at an average price of $9.83, resulting in significant decreases in their holdings.

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price was up 3.8% during trading on Friday . The stock traded as high as $9.77 and last traded at $9.74. Approximately 8,982,255 shares traded hands during trading, a decline of 73% from the average daily volume of 32,796,621 shares. The stock had previously closed at $9.38.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on ACHR shares. HC Wainwright reissued a "buy" rating and set a $18.00 price objective on shares of Archer Aviation in a research note on Tuesday, August 12th. UBS Group restated a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Canaccord Genuity Group restated a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Needham & Company LLC restated a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a research note on Tuesday, August 12th. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $13.43.

Archer Aviation Stock Up 3.0%

The company's fifty day moving average is $10.42 and its 200-day moving average is $9.39. The company has a market capitalization of $5.30 billion, a PE ratio of -7.15 and a beta of 3.08. The company has a debt-to-equity ratio of 0.05, a quick ratio of 22.30 and a current ratio of 22.30.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its earnings results 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). As a group, analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Activity

In related news, insider Eric Lentell sold 48,936 shares of the business'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 $481,040.88. Following the transaction, the insider directly owned 47,518 shares of the company's stock, valued at approximately $467,101.94. The trade was a 50.74% decrease in their position. The transaction was disclosed in a document filed 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 completion of the transaction, the insider owned 295,337 shares of the company's stock, valued at $2,903,162.71. The trade was a 12.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 283,964 shares of company stock valued at $2,865,206. 7.65% of the stock is owned by insiders.

Institutional Trading of Archer Aviation

Several hedge funds have recently bought and sold shares of the stock. Marex Group plc purchased a new stake in Archer Aviation in the 2nd quarter worth $24,699,000. Asset Dedication LLC lifted its stake in Archer Aviation by 1,307.3% in the 2nd quarter. Asset Dedication LLC now owns 9,260 shares of the company's stock worth $100,000 after purchasing an additional 8,602 shares in the last quarter. Geneos Wealth Management Inc. lifted its stake in Archer Aviation by 105.3% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,318 shares of the company's stock worth $36,000 after purchasing an additional 1,702 shares in the last quarter. Headlands Technologies LLC lifted its stake in Archer Aviation by 1,178.6% in the 2nd quarter. Headlands Technologies LLC now owns 72,192 shares of the company's stock worth $783,000 after purchasing an additional 66,546 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its stake in Archer Aviation by 407.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 150,010 shares of the company's stock worth $1,628,000 after purchasing an additional 120,459 shares in the last quarter. Hedge funds and other 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.

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