Archer Aviation (NYSE:ACHR) Trading Up 15.1% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR)’s stock price traded up 15.1% during trading on Wednesday . The stock traded as high as $11.06 and last traded at $10.80. 48,487,008 shares were traded during trading, an increase of 272% from the average session volume of 13,049,095 shares. The stock had previously closed at $9.38.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on ACHR shares. HC Wainwright reissued a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a research report on Monday, December 16th. Deutsche Bank Aktiengesellschaft raised their price objective on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Canaccord Genuity Group increased their price target 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. Cantor Fitzgerald upped their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Finally, Needham & Company LLC assumed coverage on shares of Archer Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $11.00 target price for the company. One analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Archer Aviation currently has a consensus rating of “Moderate Buy” and an average price target of $10.63.

Archer Aviation Trading Up 15.1 %

The company’s 50-day moving average is $5.76 and its 200 day moving average is $4.40. The company has a market cap of $4.59 billion, a price-to-earnings ratio of -8.18 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.

Archer Aviation (NYSE:ACHR) last announced 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 quarter in the previous year, the firm posted ($0.19) earnings per share. Research analysts predict that Archer Aviation Inc. will post -1.28 EPS for the current year.

Insider Activity at Archer Aviation

In other news, insider Tosha Perkins sold 150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $6.40, for a total value of $960,000.00. Following the transaction, the insider now owns 197,355 shares in the company, valued at $1,263,072. This trade represents a 43.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael Spellacy sold 191,513 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $10.00, for a total value of $1,915,130.00. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 776,791 shares of company stock valued at $5,139,699 and have sold 1,812,899 shares valued at $11,601,707. 9.75% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Archer Aviation

Several hedge funds and other institutional investors have recently modified their holdings of ACHR. Miller Wealth Advisors LLC purchased a new stake in Archer Aviation during the 3rd quarter valued at about $26,000. Code Waechter LLC purchased a new stake in shares of Archer Aviation in the third quarter valued at approximately $30,000. Azzad Asset Management Inc. ADV acquired a new stake in shares of Archer Aviation in the third quarter valued at approximately $31,000. Hollencrest Capital Management lifted its position in Archer Aviation by 50.0% during the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after buying an additional 3,000 shares in the last quarter. Finally, Cyndeo Wealth Partners LLC acquired a new position in Archer Aviation during the third quarter worth $36,000. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.