Archer Aviation (NYSE:ACHR) Trading Up 7.4% - Here's Why

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shot up 7.4% during mid-day trading on Wednesday . The company traded as high as $12.25 and last traded at $12.22. 21,104,299 shares traded hands during mid-day trading, a decline of 14% from the average session volume of 24,402,686 shares. The stock had previously closed at $11.38.

Analysts Set New Price Targets

ACHR has been the topic of a number of recent research reports. Cantor Fitzgerald restated an "overweight" rating and issued a $13.00 price objective on shares of Archer Aviation in a report on Friday, May 16th. Needham & Company LLC reiterated a "buy" rating and issued a $13.00 price target on shares of Archer Aviation in a research report on Tuesday, May 13th. HC Wainwright reiterated a "buy" rating and issued a $18.00 price target (up previously from $12.00) on shares of Archer Aviation in a research note on Monday, June 9th. Raymond James increased their price target on Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research note on Friday, February 21st. Finally, Canaccord Genuity Group raised their price objective on Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research report on Friday, February 28th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $13.19.

Archer Aviation Stock Performance

The stock has a market cap of $5.49 billion, a price-to-earnings ratio of -7.57 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 firm's 50-day moving average is $9.36 and its two-hundred day moving average is $8.97.

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

Insider Buying and Selling at Archer Aviation

In other news, General Counsel Eric Lentell sold 50,004 shares of the business's stock in a transaction on Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $352,028.16. Following the completion of the sale, 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 Securities & Exchange Commission, which is available at this link. Also, insider Tosha Perkins sold 33,335 shares of the stock in a transaction on Monday, March 31st. The shares were sold at an average price of $7.04, for a total value of $234,678.40. Following the completion of the sale, the insider now owns 262,673 shares of the company's stock, valued at approximately $1,849,217.92. This 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 451,859 shares of company stock worth $4,627,418 over the last ninety days. Corporate insiders own 7.65% of the company's stock.

Hedge Funds Weigh In On Archer Aviation

Several large investors have recently modified their holdings of the stock. Rhumbline Advisers raised its stake in Archer Aviation by 38.0% during the first quarter. Rhumbline Advisers now owns 430,920 shares of the company's stock worth $3,064,000 after acquiring an additional 118,598 shares during the period. Strs Ohio acquired a new stake in shares of Archer Aviation in the first quarter worth $27,000. Intech Investment Management LLC grew its holdings in shares of Archer Aviation by 89.4% during the first quarter. Intech Investment Management LLC now owns 196,100 shares of the company's stock valued at $1,394,000 after buying an additional 92,553 shares in the last quarter. Focus Partners Wealth grew its holdings in shares of Archer Aviation by 6.0% during the first quarter. Focus Partners Wealth now owns 38,284 shares of the company's stock valued at $271,000 after buying an additional 2,179 shares in the last quarter. Finally, Integrity Alliance LLC. purchased a new position in Archer Aviation in the first quarter valued at about $92,000. 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.