Archer Aviation (NYSE:ACHR) Stock Price Up 6.1% - Here's Why

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shares traded up 6.1% during mid-day trading on Tuesday . The stock traded as high as $11.45 and last traded at $11.46. 26,745,803 shares were traded during mid-day trading, a decline of 2% from the average session volume of 27,223,439 shares. The stock had previously closed at $10.80.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Needham & Company LLC reiterated a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a research report on Tuesday, May 13th. HC Wainwright reissued a "buy" rating and issued a $18.00 target price (up from $12.00) on shares of Archer Aviation in a research note on Monday, June 9th. Cantor Fitzgerald reissued an "overweight" rating and issued a $13.00 target price on shares of Archer Aviation in a research note on Monday, June 23rd. Finally, Canaccord Genuity Group lowered their target price on Archer Aviation from $13.50 to $13.00 and set a "buy" rating for the company in a research note on Monday, June 16th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, Archer Aviation has an average rating of "Moderate Buy" and a consensus price target of $13.13.

Archer Aviation Trading Up 10.7%

The company has a debt-to-equity ratio of 0.07, a current ratio of 15.80 and a quick ratio of 15.80. The business has a 50 day moving average of $10.56 and a 200 day moving average of $9.24. The firm has a market capitalization of $7.35 billion, a price-to-earnings ratio of -10.22 and a beta of 3.10.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.21) by $0.04. As a group, research analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Transactions at Archer Aviation

In other news, CTO Thomas Paul Muniz sold 80,919 shares of the business's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $12.99, for a total value of $1,051,137.81. Following the sale, the chief technology officer directly owned 1,253,294 shares in the company, valued at $16,280,289.06. The trade was a 6.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel Eric Lentell sold 95,896 shares of the business's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $10.60, for a total value of $1,016,497.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 376,960 shares of company stock valued at $4,441,519. Insiders own 7.65% of the company's stock.

Institutional Trading of Archer Aviation

Institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Archer Aviation by 24.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,277,530 shares of the company's stock valued at $22,206,000 after purchasing an additional 446,864 shares in the last quarter. California State Teachers Retirement System lifted its holdings in shares of Archer Aviation by 26.2% in the fourth quarter. California State Teachers Retirement System now owns 241,396 shares of the company's stock valued at $2,354,000 after purchasing an additional 50,104 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in Archer Aviation by 64.2% during the first quarter. Janney Montgomery Scott LLC now owns 81,681 shares of the company's stock worth $581,000 after acquiring an additional 31,933 shares in the last quarter. GF Fund Management CO. LTD. bought a new stake in Archer Aviation during the first quarter worth about $369,000. Finally, Vanguard Group Inc. raised its holdings 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 acquiring an additional 2,908,859 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors.

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.