Archer Aviation (NYSE:ACHR) Shares Up 16.4% – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR) traded up 16.4% during mid-day trading on Tuesday . The stock traded as high as $11.05 and last traded at $10.92. 28,716,142 shares changed hands during mid-day trading, an increase of 122% from the average session volume of 12,927,041 shares. The stock had previously closed at $9.38.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. HC Wainwright reaffirmed a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research note on Monday, December 16th. Needham & Company LLC began coverage on Archer Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $11.00 target price on the stock. Canaccord Genuity Group upped their target price on shares of Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Finally, Cantor Fitzgerald increased their price objective on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $10.63.

Archer Aviation Stock Up 15.4 %

The business’s 50 day moving average is $5.60 and its 200 day moving average is $4.34. 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 company has a market cap of $4.60 billion, a P/E ratio of -8.20 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period in the previous year, the firm posted ($0.19) earnings per share. As a group, equities analysts anticipate that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Transactions at Archer Aviation

In other news, CEO Adam D. Goldstein sold 805,170 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the transaction, the chief executive officer now owns 4,197,136 shares in the company, valued at $19,432,739.68. This represents a 16.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Tosha Perkins sold 150,000 shares of Archer Aviation stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $6.40, for a total transaction of $960,000.00. Following the sale, the insider now owns 197,355 shares of the company’s stock, valued at $1,263,072. The trade was a 43.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 776,791 shares of company stock valued at $5,139,699 and have sold 1,812,899 shares valued at $11,601,707. Insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Several hedge funds have recently modified their holdings of ACHR. Geode Capital Management LLC raised its position in shares of Archer Aviation by 5.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after purchasing an additional 268,896 shares during the last quarter. HBK Investments L P purchased a new position in shares of Archer Aviation in the third quarter valued at approximately $6,818,000. Charles Schwab Investment Management Inc. increased its position in shares of Archer Aviation by 5.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock worth $5,547,000 after purchasing an additional 94,430 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Archer Aviation by 23.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock valued at $4,651,000 after purchasing an additional 254,460 shares during the last quarter. Finally, Sora Investors LLC purchased a new position in Archer Aviation in the 3rd quarter valued at $3,429,000. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.