Archer Aviation (NYSE:ACHR) Trading 1.8% Higher – Should You Buy?

Archer Aviation Inc. (NYSE:ACHR) shares traded up 1.8% during mid-day trading on Wednesday . The stock traded as high as $3.44 and last traded at $3.42. 4,561,233 shares traded hands during trading, a decline of 40% from the average session volume of 7,619,871 shares. The stock had previously closed at $3.36.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. HC Wainwright assumed coverage on Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price target on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a report on Monday, October 7th. JPMorgan Chase & Co. upped their price target on Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Finally, Benchmark reaffirmed a “buy” rating and set a $12.00 price target on shares of Archer Aviation in a report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $9.00.

Archer Aviation Stock Down 0.3 %

The company has a 50-day moving average of $3.23 and a 200-day moving average of $3.63. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of -2.80 and a beta of 2.31. The company has a current ratio of 4.49, a quick ratio of 4.49 and a debt-to-equity ratio of 0.13.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.31) EPS for the quarter, topping the consensus estimate of ($0.38) by $0.07. On average, equities analysts predict that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Insider Transactions at Archer Aviation

In other news, major shareholder N.V. Stellantis purchased 2,982,089 shares of the stock in a transaction on Thursday, August 8th. The stock was bought at an average price of $3.35 per share, for a total transaction of $9,989,998.15. Following the acquisition, the insider now directly owns 59,734,962 shares of the company’s stock, valued at approximately $200,112,122.70. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

A number of institutional investors have recently bought and sold shares of the stock. Code Waechter LLC bought a new stake in shares of Archer Aviation during the 3rd quarter valued at about $30,000. Azzad Asset Management Inc. ADV acquired a new stake in Archer Aviation during the third quarter valued at approximately $31,000. Hollencrest Capital Management lifted its stake in Archer Aviation by 50.0% during the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after purchasing an additional 3,000 shares during the last quarter. CWM LLC lifted its stake in Archer Aviation by 62.0% during the second quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after purchasing an additional 3,559 shares during the last quarter. Finally, Cyndeo Wealth Partners LLC acquired a new stake in Archer Aviation during the third quarter valued at approximately $36,000. 59.34% of the stock is currently 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.