Archer Aviation (NYSE:ACHR) Stock Price Up 4.1% – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR)’s share price shot up 4.1% on Monday . The company traded as high as $9.18 and last traded at $9.08. 10,015,335 shares changed hands during trading, a decline of 47% from the average session volume of 19,033,899 shares. The stock had previously closed at $8.72.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on ACHR shares. Cantor Fitzgerald lifted their target price on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Needham & Company LLC upped their price objective on Archer Aviation from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, February 28th. JPMorgan Chase & Co. lowered shares of Archer Aviation from an “overweight” rating to a “neutral” rating and raised their target price for the company from $6.00 to $9.00 in a report on Friday, January 10th. HC Wainwright reaffirmed a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a research note on Friday, February 28th. Finally, Canaccord Genuity Group lifted their price objective on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research note on Friday, February 28th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Archer Aviation has a consensus rating of “Moderate Buy” and a consensus target price of $11.61.

Archer Aviation Trading Down 2.1 %

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 stock has a 50-day simple moving average of $8.82 and a two-hundred day simple moving average of $6.80. The firm has a market capitalization of $4.74 billion, a P/E ratio of -6.62 and a beta of 3.14.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.10. On average, equities research analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Tosha Perkins sold 49,273 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $379,402.10. Following the completion of the sale, the insider now owns 232,396 shares in the company, valued at approximately $1,789,449.20. This represents a 17.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Thomas Paul Muniz sold 50,000 shares of the business’s 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 sale, the chief technology officer now directly owns 1,070,360 shares in the company, valued at approximately $12,844,320. This represents a 4.46 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 303,985 shares of company stock worth $2,555,685. 9.75% of the stock is owned by corporate insiders.

Institutional Trading of Archer Aviation

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. EP Wealth Advisors LLC lifted its stake in shares of Archer Aviation by 6.7% in the 4th quarter. EP Wealth Advisors LLC now owns 16,000 shares of the company’s stock valued at $156,000 after purchasing an additional 1,000 shares during the period. Harbour Investments Inc. grew its position in shares of Archer Aviation by 54.7% during the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after acquiring an additional 1,095 shares during the period. Anchor Investment Management LLC increased its stake in shares of Archer Aviation by 58.3% in the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock valued at $32,000 after purchasing an additional 1,224 shares in the last quarter. Sanctuary Advisors LLC raised its holdings in Archer Aviation by 4.7% in the 4th quarter. Sanctuary Advisors LLC now owns 27,740 shares of the company’s stock worth $257,000 after purchasing an additional 1,246 shares during the period. Finally, Xponance Inc. increased its position in shares of Archer Aviation by 8.5% in the fourth quarter. Xponance Inc. now owns 16,600 shares of the company’s stock valued at $162,000 after buying an additional 1,299 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

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.