Archer Aviation (NYSE:ACHR) Sees Large Volume Increase – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) shares saw strong trading volume on Wednesday . 16,934,555 shares traded hands during trading, an increase of 59% from the previous session’s volume of 10,623,305 shares.The stock last traded at $7.07 and had previously closed at $6.75.

Analysts Set New Price Targets

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

Archer Aviation Trading Up 10.1 %

The business’s 50-day moving average price is $4.31 and its 200 day moving average price is $3.91. The company has a market cap of $3.26 billion, a P/E ratio of -5.80 and a beta of 3.19. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter in the prior year, the company earned ($0.19) EPS. As a group, analysts expect that Archer Aviation Inc. will post -1.28 earnings per share for the current year.

Insider Buying and Selling

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 stock was acquired at an average price of $5.12 per share, with a total value of $101,181.44. Following the acquisition, the chief executive officer now owns 2,014,890 shares of the company’s stock, valued at approximately $10,316,236.80. This represents a 0.99 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Deborah Diaz acquired 5,150 shares of the company’s stock in a transaction on Monday, November 25th. The stock was acquired at an average price of $7.48 per share, with a total value of $38,522.00. Following the purchase, the director now directly owns 98,886 shares in the company, valued at approximately $739,667.28. This represents a 5.49 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 1,069,958 shares of company stock valued at $5,461,608. Company insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Hollencrest Capital Management raised its position in shares of Archer Aviation by 50.0% in the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after buying an additional 3,000 shares in the last quarter. Townsquare Capital LLC grew its holdings in shares of Archer Aviation by 25.6% during the 3rd quarter. Townsquare Capital LLC now owns 14,877 shares of the company’s stock valued at $45,000 after purchasing an additional 3,033 shares during the last quarter. Tidal Investments LLC grew its holdings in shares of Archer Aviation by 29.9% during the 3rd quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock valued at $44,000 after purchasing an additional 3,339 shares during the last quarter. Hsbc Holdings PLC grew its holdings in shares of Archer Aviation by 14.8% during the 2nd quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock valued at $89,000 after purchasing an additional 3,341 shares during the last quarter. Finally, CWM LLC grew its holdings in shares of Archer Aviation by 62.0% during the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after purchasing an additional 3,559 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.