Archer Aviation Inc. (NYSE: ACHR) experienced a 2.3% increase in its stock price on Thursday, trading as high as $8.60 before closing at $8.56. Approximately 28,712,927 shares exchanged hands during the day, marking a significant decline of 27% from its average daily volume of 39,548,164 shares. This uptick follows a previous closing price of $8.37 and comes amid various analyst ratings adjustments.
Analyst Ratings Influence Stock Movement
Recent reports from equities analysts have played a critical role in shaping investor sentiment around Archer Aviation. Notably, Cantor Fitzgerald reaffirmed an “overweight” rating for the company’s shares on November 24, signaling confidence in its future performance. In contrast, Needham & Company LLC adjusted their price target down from $13.00 to $10.00, maintaining a “buy” rating as of November 7. Other analysts, such as those from Goldman Sachs Group, initiated coverage with a “neutral” rating and a target price of $11.00.
Additionally, Canaccord Genuity Group raised their target for Archer Aviation from $12.00 to $13.00, also assigning a “buy” rating. Weiss Ratings, on the other hand, reiterated a “sell (d-)” rating on October 8. Overall, six analysts have rated the stock as a buy, two have suggested holding, and one has recommended selling, resulting in a consensus rating of “Moderate Buy” with an average price target of $12.14, according to data from MarketBeat.
Recent Earnings and Insider Activity
Archer Aviation released its quarterly earnings on November 6, reporting an earnings per share (EPS) of ($0.20), which aligned with analyst expectations. For the current fiscal year, analysts predict an average EPS of ($1.32).
In terms of insider activity, Priya Gupta, the Chief Financial Officer, sold 5,479 shares on November 17 at an average price of $7.49, totaling approximately $41,037.71. Following this transaction, Gupta retained 161,523 shares valued at about $1,209,807.27, reflecting a 3.28% decrease in her holdings. Another insider, Tosha Perkins, sold 45,018 shares on the same day for around $337,184.82, bringing her total ownership to 334,632 shares valued at approximately $2,506,393.68, a reduction of 11.86%.
In the past 90 days, insiders have sold a combined total of 182,635 shares valued at $1,367,936. Currently, insiders hold 7.65% of the company’s stock.
Institutional Investors Adjust Positions
Institutional investors have also been active in adjusting their stakes in Archer Aviation. Notable transactions include LPL Financial LLC, which increased its position by 30.6% in the first quarter, now owning 360,964 shares valued at around $2,566,000. Similarly, PNC Financial Services Group Inc. lifted its stake by 72.4%, acquiring an additional 13,891 shares to reach 33,086 shares worth $235,000.
Vanguard Group Inc. also expanded its holdings by 19.7%, now owning 19,729,296 shares valued at approximately $140,275,000. Additionally, Charles Schwab Investment Management Inc. boosted its stake by 36.4%, while Deutsche Bank AG increased holdings by 23.9%. Collectively, institutional investors own 59.34% of Archer Aviation’s stock.
Archer Aviation, headquartered in San Jose, California, specializes in the design, development, and operation of electric vertical takeoff and landing aircraft, targeting urban air mobility. The company, previously known as Atlas Crest Investment Corp., is positioning itself as a key player in the evolving aerospace industry.
