Archer Aviation (NYSE:ACHR) Trading 4.9% Higher - Here's What Happened

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) was up 4.9% during trading on Monday . The company traded as high as $6.89 and last traded at $6.51. Approximately 16,375,464 shares were traded during trading, a decline of 18% from the average daily volume of 19,866,601 shares. The stock had previously closed at $6.20.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Raymond James upped their target price on Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft increased their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a "buy" rating in a research report on Friday, December 13th. Cantor Fitzgerald boosted their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a report on Wednesday, December 18th. Needham & Company LLC increased their price objective on Archer Aviation from $11.00 to $13.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Finally, JPMorgan Chase & Co. cut Archer Aviation from an "overweight" rating to a "neutral" rating and lifted their price objective for the company from $6.00 to $9.00 in a research report on Friday, January 10th. Two equities research 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 currently has a consensus rating of "Moderate Buy" and an average target price of $11.61.

Archer Aviation Trading Down 0.5 %

The company has a fifty day simple moving average of $8.20 and a two-hundred day simple moving average of $7.13. The company has a market capitalization of $3.79 billion, a P/E ratio of -5.25 and a beta of 3.16. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, beating analysts' consensus estimates of ($0.40) by $0.10. On average, analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Activity

In other Archer Aviation news, General Counsel Eric Lentell sold 50,004 shares of Archer Aviation stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $7.04, for a total value of $352,028.16. Following the transaction, the general counsel now directly owns 45,416 shares of the company's stock, valued at $319,728.64. The trade was a 52.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Tosha Perkins sold 33,335 shares of the company's stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $7.04, for a total value of $234,678.40. Following the transaction, the insider now 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 a total of 424,780 shares of company stock valued at $3,158,081 over the last 90 days. 9.75% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

Institutional investors and hedge funds have recently bought and sold shares of the stock. ARK Investment Management LLC increased its holdings in shares of Archer Aviation by 27.1% during the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock worth $291,643,000 after purchasing an additional 6,371,647 shares during the period. Vanguard Group Inc. grew its position in Archer Aviation by 21.4% during the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock worth $160,682,000 after buying an additional 2,908,859 shares in the last quarter. Geode Capital Management LLC increased its stake in Archer Aviation by 14.2% during the fourth quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company's stock valued at $56,908,000 after acquiring an additional 724,736 shares during the period. Alyeska Investment Group L.P. raised its holdings in Archer Aviation by 158.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock valued at $48,748,000 after acquiring an additional 3,064,280 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in shares of Archer Aviation in the 4th quarter worth approximately $42,709,000. 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.