Archer Aviation (NYSE:ACHR) Trading 8% Higher Following Analyst Upgrade

Shares of Archer Aviation Inc. (NYSE:ACHR) were up 8% during mid-day trading on Wednesday after Cantor Fitzgerald raised their price target on the stock from $10.00 to $13.00. Cantor Fitzgerald currently has an overweight rating on the stock. Archer Aviation traded as high as $10.33 and last traded at $9.82. Approximately 28,137,382 shares traded hands during mid-day trading, an increase of 131% from the average daily volume of 12,174,210 shares. The stock had previously closed at $9.09.

ACHR has been the topic of several other reports. Needham & Company LLC started coverage on Archer Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $11.00 target price on the stock. HC Wainwright reissued a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a research report on Monday. Deutsche Bank Aktiengesellschaft raised their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, Canaccord Genuity Group raised their price objective on shares of Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a report on Friday, December 13th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.63.

Insider Buying and Selling

In other news, CEO Adam D. Goldstein sold 805,170 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the completion of the transaction, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at $19,432,739.68. The trade was a 16.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael Spellacy sold 63,000 shares of Archer Aviation stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $7.10, for a total transaction of $447,300.00. Following the completion of the sale, the director now directly owns 191,513 shares of the company’s stock, valued at approximately $1,359,742.30. This trade represents a 24.75 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have bought 776,791 shares of company stock worth $5,139,699 and have sold 1,571,386 shares worth $9,236,577. 9.75% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Miller Wealth Advisors LLC bought a new stake in Archer Aviation during the 3rd quarter worth approximately $26,000. Code Waechter LLC bought a new stake in shares of Archer Aviation during the 3rd quarter valued at $30,000. Azzad Asset Management Inc. ADV purchased a new position in shares of Archer Aviation during the 3rd quarter valued at $31,000. Hollencrest Capital Management boosted its holdings in Archer Aviation by 50.0% in the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after buying an additional 3,000 shares during the period. Finally, CWM LLC increased its stake in Archer Aviation by 62.0% in the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after buying an additional 3,559 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors.

Archer Aviation Stock Performance

The stock has a market cap of $4.26 billion, a P/E ratio of -7.44 and a beta of 3.19. 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 business has a 50 day moving average price of $5.00 and a two-hundred day moving average price of $4.14.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period last year, the firm posted ($0.19) EPS. On average, sell-side analysts forecast that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.

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.