Archer Aviation (NYSE:ACHR) Stock Price Up 5% - Here's Why

Key Points

• Archer Aviation shares rose 5% to about $4.28 in mid-day trading, although the price remains below its 50-day and 200-day moving averages near $5.55.
• Analyst sentiment is generally positive: six analysts rate the stock Buy, two rate it Hold and one rates it Sell, producing a “Moderate Buy” consensus and an average price target of $11.00.
• The company matched quarterly EPS expectations at a loss of $0.34 per share and reported $5 million in revenue, above the $1.94 million consensus estimate; institutional investors own 59.34% of the stock, while insiders sold shares recently.

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shares rose 5% during mid-day trading on Thursday. The company traded as high as $4.29 and last traded at $4.2750. 25,736,997 shares traded hands during trading, a decline of 28% from the average daily volume of 35,727,992 shares. The stock had previously closed at $4.07.

Analyst Ratings Changes

ACHR has been the topic of a number of research reports. Needham & Company LLC restated a "buy" rating and issued a $9.00 price objective on shares of Archer Aviation in a report on Tuesday, August 11th. UBS Group reiterated an "overweight" rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Archer Aviation in a research note on Friday, July 17th. Cantor Fitzgerald reissued an "overweight" rating and issued a $11.00 target price on shares of Archer Aviation in a research report on Tuesday, August 11th. Finally, HC Wainwright restated a "buy" rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $11.00.

Archer Aviation Stock Performance

The stock's 50-day moving average price is $5.57 and its 200 day moving average price is $5.55. The company has a quick ratio of 10.21, a current ratio of 10.21 and a debt-to-equity ratio of 0.06. The company has a market cap of $3.29 billion, a P/E ratio of -3.96 and a beta of 3.27.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.34) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.34). The firm had revenue of $5.00 million for the quarter, compared to the consensus estimate of $1.94 million. As a group, research analysts expect that Archer Aviation Inc. will post -1.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Eric Lentell sold 100,000 shares of Archer Aviation stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $6.31, for a total value of $631,000.00. Following the transaction, the insider directly owned 85,011 shares in the company, valued at approximately $536,419.41. The trade was a 54.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Harsh Rungta sold 13,880 shares of Archer Aviation stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.41, for a total value of $88,970.80. Following the completion of the transaction, the chief accounting officer owned 110,847 shares in the company, valued at $710,529.27. The trade was a 11.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 176,657 shares of company stock valued at $1,122,371 in the last quarter. Insiders own 5.55% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Alpine Global Management LLC raised its stake in shares of Archer Aviation by 104.7% in the fourth quarter. Alpine Global Management LLC now owns 4,677,145 shares of the company's stock valued at $35,172,000 after purchasing an additional 2,392,026 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Archer Aviation by 703.3% in the 1st quarter. Renaissance Technologies LLC now owns 2,514,300 shares of the company's stock valued at $12,999,000 after buying an additional 2,201,300 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Archer Aviation in the 2nd quarter valued at $10,190,000. Bank of America Corp DE raised its stake in shares of Archer Aviation by 33.2% in the 1st quarter. Bank of America Corp DE now owns 2,136,942 shares of the company's stock valued at $11,048,000 after buying an additional 532,762 shares in the last quarter. Finally, Swiss National Bank lifted its holdings in shares of Archer Aviation by 0.4% during the 1st quarter. Swiss National Bank now owns 1,221,700 shares of the company's stock worth $6,316,000 after acquiring an additional 4,400 shares during the period. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Archer Aviation Company Profile

Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its goal is to provide quieter, lower-emission transportation for short passenger trips, including airport transfers and travel between urban and suburban locations.

The company's primary aircraft is Midnight, a piloted, four-passenger eVTOL aircraft designed for frequent short-distance flights. Archer has also developed Maker, a smaller technology demonstrator used to test its electric propulsion, flight-control and other aircraft systems.

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