Archer Aviation Inc. (NYSE:ACHR – Get Free Report)’s stock price shot up 2% during trading on Friday . The stock traded as high as $5.08 and last traded at $4.8880. 53,241,130 shares changed hands during trading, an increase of 38% from the average daily volume of 38,563,781 shares. The stock had previously closed at $4.79.
Wall Street Analyst Weigh In
ACHR has been the subject of several analyst reports. Needham & Company LLC decreased their price objective on Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a report on Tuesday, March 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a report on Monday, April 20th. Finally, Canaccord Genuity Group reduced their price target on Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, May 12th. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $11.83.
Check Out Our Latest Report on ACHR
Archer Aviation Stock Performance
Archer Aviation (NYSE:ACHR – Get Free Report) last announced its earnings results on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The company had revenue of $1.60 million for the quarter, compared to analyst estimates of $1.66 million. During the same period last year, the firm earned ($0.17) earnings per share. On average, equities research analysts expect that Archer Aviation Inc. will post -1.47 earnings per share for the current year.
Insider Transactions at Archer Aviation
In other news, CAO Harsh Rungta sold 12,414 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $73,863.30. Following the completion of the sale, the chief accounting officer owned 87,210 shares in the company, valued at $518,899.50. The trade was a 12.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Eric Lentell sold 48,169 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $286,605.55. Following the transaction, the insider owned 141,084 shares in the company, valued at approximately $839,449.80. This trade represents a 25.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 250,743 shares of company stock worth $1,497,672. Insiders own 5.55% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Western Wealth Management LLC lifted its holdings in shares of Archer Aviation by 22.0% during the first quarter. Western Wealth Management LLC now owns 22,962 shares of the company’s stock worth $119,000 after buying an additional 4,144 shares in the last quarter. Parallel Advisors LLC boosted its position in shares of Archer Aviation by 59.4% in the first quarter. Parallel Advisors LLC now owns 8,786 shares of the company’s stock valued at $45,000 after acquiring an additional 3,275 shares during the period. Segall Bryant & Hamill LLC acquired a new position in shares of Archer Aviation in the first quarter valued at about $168,000. Bank of America Corp DE increased its position in Archer Aviation by 33.2% during the first quarter. Bank of America Corp DE now owns 2,136,942 shares of the company’s stock worth $11,048,000 after acquiring an additional 532,762 shares during the period. Finally, Amundi increased its position in Archer Aviation by 134.9% during the first quarter. Amundi now owns 71,397 shares of the company’s stock worth $369,000 after acquiring an additional 41,008 shares during the period. 59.34% of the stock is owned by institutional investors and hedge funds.
Archer Aviation Company Profile
Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.
Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.
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