Archer Aviation (NYSE:ACHR) Sees Large Volume Increase After Analyst Upgrade

Posted by Defense World Staff on Aug 15th, 2023

Archer Aviation Inc. (NYSE:ACHR – Get Free Report) shares saw strong trading volume on Monday after JPMorgan Chase & Co. raised their price target on the stock from $6.00 to $8.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. 1,739,271 shares changed hands during trading, a decline of 52% from the previous session’s volume of 3,620,468 shares.The stock last traded at $6.04 and had previously closed at $5.77.

Separately, Canaccord Genuity Group started coverage on shares of Archer Aviation in a report on Friday, June 9th. They issued a “buy” rating and a $9.00 target price on the stock.

Check Out Our Latest Research Report on Archer Aviation

Insider Activity at Archer Aviation

In other Archer Aviation news, major shareholder Brett Adcock sold 825,420 shares of Archer Aviation stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $4.67, for a total value of $3,854,711.40. Following the completion of the sale, the insider now directly owns 4,159,347 shares of the company’s stock, valued at $19,424,150.49. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Archer Aviation news, major shareholder Brett Adcock sold 825,420 shares of Archer Aviation stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $4.67, for a total value of $3,854,711.40. Following the completion of the sale, the insider now directly owns 4,159,347 shares of the company’s stock, valued at $19,424,150.49. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Thomas Paul Muniz sold 125,000 shares of Archer Aviation stock in a transaction on Friday, June 9th. The shares were sold at an average price of $3.50, for a total transaction of $437,500.00. Following the completion of the sale, the chief operating officer now directly owns 1,495,333 shares of the company’s stock, valued at $5,233,665.50. The disclosure for this sale can be found here. Insiders have sold a total of 7,344,805 shares of company stock worth $25,467,834 over the last quarter. Company insiders own 27.17% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company grew its position in Archer Aviation by 17.6% in the 4th quarter. The Manufacturers Life Insurance Company now owns 60,441 shares of the company’s stock worth $113,000 after purchasing an additional 9,054 shares in the last quarter. DNB Asset Management AS grew its position in Archer Aviation by 7.7% in the 2nd quarter. DNB Asset Management AS now owns 432,137 shares of the company’s stock worth $1,780,000 after purchasing an additional 30,787 shares in the last quarter. Sargent Investment Group LLC grew its position in Archer Aviation by 23.0% in the 1st quarter. Sargent Investment Group LLC now owns 214,000 shares of the company’s stock worth $591,000 after purchasing an additional 40,000 shares in the last quarter. Jump Financial LLC bought a new stake in Archer Aviation in the 1st quarter worth about $135,000. Finally, Arete Wealth Advisors LLC bought a new stake in Archer Aviation in the 4th quarter worth about $19,160,020,000. 41.97% of the stock is owned by institutional investors.

Archer Aviation Stock Up 13.7 %

The company has a current ratio of 7.28, a quick ratio of 7.28 and a debt-to-equity ratio of 0.02. The stock’s 50-day simple moving average is $4.64 and its 200-day simple moving average is $3.34. The firm has a market capitalization of $1.62 billion, a P/E ratio of -3.35 and a beta of 2.45.

Archer Aviation Company Profile

(Get Free Report)

Archer Aviation Inc, an urban air mobility company, engages in designs, develops, manufactures, and operates electric vertical takeoff and landing aircrafts to carry passengers. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc Archer Aviation Inc was incorporated in 2018 and is headquartered in San Jose, California.