Archer Aviation (NYSE:ACHR) Trading 0.8% Higher – Time to Buy?

Shares of Archer Aviation Inc. (NYSE:ACHR) shot up 0.8% during trading on Thursday . The company traded as high as $7.60 and last traded at $7.11. 10,172,543 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 20,372,058 shares. The stock had previously closed at $7.05.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. lowered shares of Archer Aviation from an “overweight” rating to a “neutral” rating and lifted their price objective for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. HC Wainwright reiterated a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a report on Friday, February 28th. Raymond James increased their price target on Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Friday, February 21st. Needham & Company LLC boosted their price objective on Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Finally, Canaccord Genuity Group raised their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a report on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.61.

Archer Aviation Stock Up 2.5 %

The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a fifty day moving average price of $7.98 and a two-hundred day moving average price of $7.24. The company has a market cap of $3.92 billion, a price-to-earnings ratio of -5.47 and a beta of 3.16.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.10. As a group, sell-side analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Buying and Selling at Archer Aviation

In related news, CTO Thomas Paul Muniz sold 99,224 shares of the company’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $764,024.80. Following the sale, the chief technology officer now owns 1,131,443 shares in the company, valued at $8,712,111.10. This represents a 8.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Mesler sold 62,258 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $479,386.60. Following the transaction, the chief financial officer now owns 630,243 shares in the company, valued at $4,852,871.10. The trade was a 8.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 424,780 shares of company stock worth $3,158,081. 9.75% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ACHR. ARK Investment Management LLC lifted its holdings in shares of Archer Aviation by 27.1% in the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock worth $291,643,000 after purchasing an additional 6,371,647 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Archer Aviation by 21.4% in the 4th quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company’s stock worth $160,682,000 after acquiring an additional 2,908,859 shares during the last quarter. Geode Capital Management LLC lifted its position in Archer Aviation by 14.2% in the 4th quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company’s stock valued at $56,908,000 after acquiring an additional 724,736 shares in the last quarter. Alyeska Investment Group L.P. boosted its stake in Archer Aviation by 158.3% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company’s stock valued at $48,748,000 after purchasing an additional 3,064,280 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new stake in Archer Aviation during the 4th quarter worth approximately $42,709,000. Institutional investors own 59.34% of the company’s stock.

About Archer Aviation

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.