Archer Aviation (NYSE:ACHR) Stock Price Up 18.8% – What’s Next?

Shares of Archer Aviation Inc. (NYSE:ACHR) were up 18.8% during trading on Friday . The company traded as high as $9.84 and last traded at $9.60. Approximately 40,329,100 shares were traded during mid-day trading, an increase of 308% from the average daily volume of 9,889,396 shares. The stock had previously closed at $8.08.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on ACHR shares. Benchmark reaffirmed a “buy” rating and issued a $12.00 price target on shares of Archer Aviation in a research note on Friday, August 9th. Needham & Company LLC initiated coverage on Archer Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price target for the company. Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a research note on Monday, October 7th. Finally, HC Wainwright initiated coverage on Archer Aviation in a research note on Tuesday, September 3rd. They set a “buy” rating and a $12.50 target price for the company. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.33.

Archer Aviation Stock Performance

The stock has a market cap of $4.03 billion, a price-to-earnings ratio of -7.27 and a beta of 2.29. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The company has a 50 day simple moving average of $3.85 and a 200 day simple moving average of $3.77.

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 the consensus estimate of ($0.24) by ($0.05). During the same period in the prior year, the company posted ($0.19) earnings per share. As a group, equities research analysts forecast that Archer Aviation Inc. will post -1.29 EPS for the current year.

Insider Transactions at Archer Aviation

In related news, CEO Adam D. Goldstein bought 19,762 shares of Archer Aviation stock in a transaction that occurred on Thursday, November 21st. The shares were acquired at an average cost of $5.12 per share, for a total transaction of $101,181.44. Following the completion of the acquisition, the chief executive officer now directly owns 2,014,890 shares of the company’s stock, valued at approximately $10,316,236.80. The trade was a 0.99 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Deborah Diaz bought 5,150 shares of Archer Aviation stock in a transaction that occurred on Monday, November 25th. The stock was bought at an average price of $7.48 per share, for a total transaction of $38,522.00. Following the completion of the acquisition, the director now directly 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 disclosure for this purchase can be found here. Company insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

Institutional investors have recently added to or reduced their stakes in the stock. HBK Investments L P bought a new stake in Archer Aviation in the third quarter valued at approximately $6,818,000. Cetera Advisors LLC acquired a new position in Archer Aviation in the first quarter valued at approximately $80,000. CWM LLC lifted its stake in Archer Aviation by 62.0% in the second quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after buying an additional 3,559 shares during the period. Bank of New York Mellon Corp lifted 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 buying an additional 254,460 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in Archer Aviation by 8.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 69,387 shares of the company’s stock valued at $321,000 after buying an additional 5,611 shares during the period. 59.34% of the stock is currently owned by institutional investors.

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.