Archer Aviation (NYSE:ACHR) Trading Up 5% - Here's What Happened

Key Points

• Shares of Archer Aviation jumped about 5% mid-day to $5.185 (high $5.23) on roughly 33.47 million shares traded, slightly below its average daily volume.
• Archer missed quarterly expectations, reporting EPS of ($0.26) vs. ($0.17) expected and revenue of $0.30M vs. $1.4M expected, and insiders have sold about 380,750 shares in the past 90 days.
• Analyst views are mixed but the consensus is a Moderate Buy with a $12 average price target, despite recent notes like Needham trimming its target to $9, Goldman Sachs initiating coverage at "neutral" ($11), and a "sell" from Weiss Ratings.

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) rose 5% during mid-day trading on Tuesday . The company traded as high as $5.23 and last traded at $5.1850. Approximately 33,469,321 shares changed hands during trading, a decline of 7% from the average daily volume of 35,932,383 shares. The stock had previously closed at $4.94.

Analyst Ratings Changes

Several analysts have issued reports on the company. Needham & Company LLC dropped their target price on Archer Aviation from $10.00 to $9.00 and set a "buy" rating on the stock in a research report on Tuesday, March 3rd. Weiss Ratings restated a "sell (d-)" rating on shares of Archer Aviation in a research note on Wednesday, January 21st. Finally, The Goldman Sachs Group initiated coverage on Archer Aviation in a research note on Monday, December 1st. They issued a "neutral" rating and a $11.00 target price on the stock. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $12.00.

Archer Aviation Trading Up 5.0%

The company has a current ratio of 19.89, a quick ratio of 19.89 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $3.86 billion, a price-to-earnings ratio of -5.24 and a beta of 3.10. The company has a fifty day moving average of $6.83 and a 200-day moving average of $8.41.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its quarterly earnings data on Monday, March 2nd. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.09). The company had revenue of $0.30 million during the quarter, compared to analysts' expectations of $1.40 million. Archer Aviation's quarterly revenue was up 29900.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Transactions at Archer Aviation

In related news, insider Tosha Perkins sold 10,949 shares of the stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $6.27, for a total value of $68,650.23. Following the completion of the sale, the insider owned 384,768 shares of the company's stock, valued at approximately $2,412,495.36. This trade represents a 2.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Thomas Paul Muniz sold 9,580 shares of the firm's stock in a transaction on Friday, March 13th. The stock was sold at an average price of $6.27, for a total value of $60,066.60. Following the completion of the sale, the chief technology officer directly owned 1,352,208 shares of the company's stock, valued at $8,478,344.16. This trade represents a 0.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 380,750 shares of company stock valued at $2,645,333. 7.65% of the stock is currently owned by company insiders.

Institutional Trading of Archer Aviation

Several institutional investors and hedge funds have recently bought and sold shares of ACHR. Vanguard Group Inc. raised its stake in shares of Archer Aviation by 45.8% in the 3rd quarter. Vanguard Group Inc. now owns 52,363,259 shares of the company's stock valued at $501,640,000 after acquiring an additional 16,452,398 shares during the period. Norges Bank acquired a new stake in shares of Archer Aviation in the fourth quarter valued at $58,494,000. Man Group plc boosted its stake in shares of Archer Aviation by 13,793.3% in the 2nd quarter. Man Group plc now owns 4,212,722 shares of the company's stock valued at $45,708,000 after buying an additional 4,182,400 shares during the period. BNP Paribas Financial Markets lifted its stake in Archer Aviation by 423.3% in the fourth quarter. BNP Paribas Financial Markets now owns 5,126,217 shares of the company's stock worth $38,549,000 after acquiring an additional 4,146,574 shares during the last quarter. Finally, ARK Investment Management LLC lifted its position in shares of Archer Aviation by 12.4% during the 4th quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company's stock worth $264,484,000 after purchasing an additional 3,869,252 shares during the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

Archer Aviation Company Profile

Archer Aviation, Inc NYSE: ACHR is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company's flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.

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