Archer Aviation (NYSE:ACHR) Hits New 1-Year High – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) hit a new 52-week high on Monday . The stock traded as high as $7.36 and last traded at $7.36, with a volume of 6991510 shares traded. The stock had previously closed at $6.04.

Wall Street Analyst Weigh In

ACHR has been the topic of several analyst reports. Benchmark reiterated a “buy” rating and set a $12.00 target price on shares of Archer Aviation in a report on Friday, August 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a research report on Monday, October 7th. HC Wainwright started coverage on shares of Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 target price on the stock. Finally, Needham & Company LLC assumed coverage on shares of Archer Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $11.00 target price for the company. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $9.33.

Archer Aviation Trading Down 3.4 %

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 business has a 50 day simple moving average of $3.57 and a two-hundred day simple moving average of $3.69. The stock has a market cap of $3.07 billion, a price-to-earnings ratio of -5.47 and a beta of 2.29.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period last year, the business earned ($0.19) EPS. As a group, equities analysts anticipate that Archer Aviation Inc. will post -1.2 EPS for the current year.

Insiders Place Their Bets

In other news, Director Deborah Diaz purchased 5,150 shares of the stock in a transaction dated Monday, November 25th. The stock was acquired at an average cost of $7.48 per share, for a total transaction of $38,522.00. Following the acquisition, the director now owns 98,886 shares of the company’s stock, valued at $739,667.28. The trade was a 5.49 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Adam D. Goldstein sold 805,170 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total value of $3,727,937.10. Following the transaction, the chief executive officer now owns 4,197,136 shares in the company, valued at $19,432,739.68. This trade represents a 16.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.75% of the stock is owned by company insiders.

Institutional Trading of Archer Aviation

Several institutional investors have recently added to or reduced their stakes in ACHR. Geode Capital Management LLC boosted its holdings in shares of Archer Aviation by 5.6% in the 3rd quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock valued at $15,487,000 after buying an additional 268,896 shares during the period. HBK Investments L P acquired a new stake in Archer Aviation during the third quarter worth about $6,818,000. Charles Schwab Investment Management Inc. lifted its holdings in Archer Aviation by 5.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock worth $5,547,000 after acquiring an additional 94,430 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Archer Aviation by 23.9% in the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock valued at $4,651,000 after acquiring an additional 254,460 shares during the period. Finally, Sora Investors LLC bought a new position in shares of Archer Aviation during the third quarter valued at approximately $3,429,000. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Company Profile

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.