Archer Aviation (NYSE:ACHR) Trading Up 10.3% on Strong Earnings

Archer Aviation Inc. (NYSE:ACHR)’s stock price shot up 10.3% during mid-day trading on Friday following a better than expected earnings announcement. The stock traded as high as $8.76 and last traded at $8.73. 24,637,920 shares changed hands during mid-day trading, a decline of 25% from the average session volume of 32,738,414 shares. The stock had previously closed at $7.92.

The company reported ($0.30) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.10.

Wall Street Analyst Weigh In

A number of analysts have commented on ACHR shares. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Canaccord Genuity Group boosted their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research report on Friday. Cantor Fitzgerald raised their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Needham & Company LLC boosted their price objective on Archer Aviation from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Friday. Finally, JPMorgan Chase & Co. downgraded Archer Aviation from an “overweight” rating to a “neutral” rating and increased their price objective for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Archer Aviation has an average rating of “Moderate Buy” and a consensus target price of $11.61.

Insider Buying and Selling

In other news, General Counsel Eric Lentell sold 114,788 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $6.74, for a total transaction of $773,671.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Thomas Paul Muniz sold 50,000 shares of Archer Aviation stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $12.00, for a total transaction of $600,000.00. Following the completion of the sale, the chief technology officer now directly owns 1,070,360 shares in the company, valued at $12,844,320. This trade represents a 4.46 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,057,729 shares of company stock worth $8,473,770. 9.75% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Miller Wealth Advisors LLC purchased a new stake in Archer Aviation during the third quarter valued at about $26,000. Sunbelt Securities Inc. purchased a new stake in shares of Archer Aviation during the 4th quarter valued at approximately $27,000. Conquis Financial LLC bought a new position in Archer Aviation in the 4th quarter worth approximately $29,000. Harbour Investments Inc. grew its stake in Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after buying an additional 1,095 shares in the last quarter. Finally, Oarsman Capital Inc. raised its holdings in Archer Aviation by 471.7% during the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock valued at $30,000 after acquiring an additional 2,547 shares during the period. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Price Performance

The business’s fifty day simple moving average is $9.60 and its 200-day simple moving average is $6.20. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The firm has a market cap of $3.77 billion, a P/E ratio of -6.72 and a beta of 3.14.

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.