Shares of Archer Aviation Inc. (NYSE: ACHR) rose by 2.3% on Thursday, reaching a high of $8.60 before closing at $8.56. During mid-day trading, approximately 28,712,927 shares changed hands, a decline of 27% from the average daily volume of 39,548,164 shares. This uptick follows a previous closing price of $8.37.
Analysts have been closely monitoring Archer Aviation, with several recent reports influencing investor sentiment. Cantor Fitzgerald reaffirmed an “overweight” rating on November 24, while Needham & Company LLC adjusted its price target from $13.00 to $10.00, maintaining a “buy” rating. Coverage from The Goldman Sachs Group, initiated on December 1, introduced a “neutral” rating with a target price of $11.00. In contrast, Canaccord Genuity Group raised its target price from $12.00 to $13.00, also giving Archer a “buy” rating. On the other hand, Weiss Ratings reiterated a “sell (d-)” rating in October. Currently, six analysts have rated the stock as a buy, two as a hold, and one as a sell, resulting in a consensus rating of “Moderate Buy” with an average price target of $12.14, according to data from MarketBeat.
Quarterly Earnings Report and Insider Transactions
Archer Aviation released its quarterly earnings results on November 6, reporting an earnings per share (EPS) of ($0.20), aligning with analyst expectations. Analysts project that the company will post an EPS of ($1.32) for the current fiscal year.
In recent insider trading activity, Priya Gupta, the Chief Financial Officer, sold 5,479 shares on November 17 at an average price of $7.49, totaling $41,037.71. Following this transaction, Gupta holds 161,523 shares valued at approximately $1,209,807.27, marking a 3.28% decrease in her holdings. Similarly, insider Tosha Perkins sold 45,018 shares on the same day, also at an average price of $7.49, amounting to $337,184.82. Perkins now directly owns 334,632 shares valued at around $2,506,393.68, representing an 11.86% reduction in her position. Over the last 90 days, insiders sold a total of 182,635 shares worth $1,367,936. Currently, insiders hold 7.65% of the company’s stock.
Institutional Investment Updates
Institutional investors have also been adjusting their positions in Archer Aviation. LPL Financial LLC increased its stake by 30.6% in the first quarter, now owning 360,964 shares valued at $2,566,000 after acquiring an additional 84,522 shares. PNC Financial Services Group Inc. raised its position by 72.4%, owning 33,086 shares valued at $235,000 following a purchase of 13,891 shares.
Additionally, Vanguard Group Inc. increased its holdings by 19.7%, now owning 19,729,296 shares valued at $140,275,000 after acquiring 3,249,106 shares. Charles Schwab Investment Management Inc. boosted its stake by 36.4%, with 3,105,423 shares valued at $22,080,000 after purchasing an additional 827,893 shares. Deutsche Bank AG also increased its holdings by 23.9%, owning 258,261 shares valued at $1,836,000. Collectively, institutional investors hold 59.34% of the company’s stock.
Archer Aviation, headquartered in San Jose, California, focuses on designing, developing, and operating electric vertical takeoff and landing aircraft aimed at enhancing urban air mobility. The company was formerly known as Atlas Crest Investment Corp. before rebranding to its current name.
