Archer Aviation (NYSE:ACHR) Shares Gap Up After Analyst Upgrade

Archer Aviation Inc. (NYSE:ACHR) shares gapped up prior to trading on Monday after HC Wainwright raised their price target on the stock from $12.00 to $18.00. The stock had previously closed at $10.19, but opened at $11.43. HC Wainwright currently has a buy rating on the stock. Archer Aviation shares last traded at $10.97, with a volume of 23,156,198 shares trading hands.

ACHR has been the topic of a number of other reports. Canaccord Genuity Group raised their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research report on Friday, February 28th. Cantor Fitzgerald reissued an “overweight” rating and set a $13.00 target price on shares of Archer Aviation in a report on Friday, May 16th. Raymond James boosted their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Friday, February 21st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $13.00 price objective on shares of Archer Aviation in a research note on Tuesday, May 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 stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.19.

Insiders Place Their Bets

In related news, insider Tosha Perkins sold 40,186 shares of the firm’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $522,016.14. Following the completion of the sale, the insider now owns 256,799 shares in the company, valued at approximately $3,335,819.01. This trade represents a 13.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Mark Mesler sold 34,498 shares of the firm’s stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $7.04, for a total transaction of $242,865.92. Following the sale, the chief financial officer now owns 659,357 shares of the company’s stock, valued at $4,641,873.28. This trade represents a 4.97% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 451,859 shares of company stock worth $4,627,418. Insiders own 7.65% of the company’s stock.

Institutional Trading of Archer Aviation

A number of large investors have recently added to or reduced their stakes in the stock. EP Wealth Advisors LLC boosted its position in Archer Aviation by 6.7% during the fourth quarter. EP Wealth Advisors LLC now owns 16,000 shares of the company’s stock worth $156,000 after purchasing an additional 1,000 shares during the period. Harbour Investments Inc. lifted its holdings in shares of Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock worth $30,000 after acquiring an additional 1,095 shares during the last quarter. Anchor Investment Management LLC increased its stake in shares of Archer Aviation by 58.3% in the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock worth $32,000 after buying an additional 1,224 shares during the period. Sanctuary Advisors LLC increased its stake in shares of Archer Aviation by 4.7% in the fourth quarter. Sanctuary Advisors LLC now owns 27,740 shares of the company’s stock worth $257,000 after buying an additional 1,246 shares during the period. Finally, Xponance Inc. increased its position in Archer Aviation by 8.5% during the 4th quarter. Xponance Inc. now owns 16,600 shares of the company’s stock valued at $162,000 after purchasing an additional 1,299 shares during the period. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Archer Aviation Trading Up 12.5%

The firm has a market capitalization of $6.30 billion, a PE ratio of -8.74 and a beta of 3.13. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The stock’s 50-day simple moving average is $8.90 and its 200-day simple moving average is $8.83.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Monday, May 12th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.04. As a group, sell-side analysts expect that Archer Aviation Inc. will post -1.32 EPS 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.