Archer Aviation (NYSE:ACHR) Stock Price Up 0.3% – Time to Buy?

Archer Aviation Inc. (NYSE:ACHR) shot up 0.3% during mid-day trading on Monday . The stock traded as high as $11.80 and last traded at $11.55. 18,011,059 shares were traded during mid-day trading, a decline of 50% from the average session volume of 36,010,445 shares. The stock had previously closed at $11.51.

Analysts Set New Price Targets

A number of analysts recently commented on ACHR shares. Canaccord Genuity Group upped their price target on shares of Archer Aviation from $11.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft raised their price target on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, December 13th. HC Wainwright reiterated a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a research report on Monday, December 16th. Cantor Fitzgerald increased their price objective on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Finally, Needham & Company LLC began coverage on Archer Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $11.00 target price for the company. One equities research analyst has 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 has an average rating of “Moderate Buy” and an average price target of $11.00.

Archer Aviation Trading Down 5.7 %

The stock has a market cap of $4.47 billion, a PE ratio of -7.95 and a beta of 3.15. 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 firm has a fifty day simple moving average of $7.25 and a two-hundred day simple moving average of $4.92.

Archer Aviation (NYSE:ACHR) last announced its earnings results 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 quarter last year, the firm earned ($0.19) EPS. As a group, equities analysts expect that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Activity at Archer Aviation

In related news, major shareholder N.V. Stellantis acquired 751,879 shares of the company’s stock in a transaction dated Wednesday, December 11th. The stock was purchased at an average price of $6.65 per share, with a total value of $4,999,995.35. Following the completion of the purchase, the insider now owns 60,486,841 shares in the company, valued at $402,237,492.65. This trade represents a 1.26 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Adam D. Goldstein sold 805,170 shares of the stock in a transaction on 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 sale, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at $19,432,739.68. The trade was a 16.10 % decrease in their position. The disclosure for this sale can be found here. In the last three months, 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. 9.75% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Archer Aviation

Several hedge funds and other institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp lifted its stake in Archer Aviation by 23.9% in the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after acquiring an additional 254,460 shares during the period. Principal Financial Group Inc. lifted its position in shares of Archer Aviation by 75.6% in the 2nd quarter. Principal Financial Group Inc. now owns 31,064 shares of the company’s stock worth $109,000 after purchasing an additional 13,372 shares during the period. Rhumbline Advisers boosted its stake in shares of Archer Aviation by 29.3% during the 2nd quarter. Rhumbline Advisers now owns 311,852 shares of the company’s stock valued at $1,098,000 after purchasing an additional 70,575 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of Archer Aviation by 13.7% during the 2nd quarter. Arizona State Retirement System now owns 59,593 shares of the company’s stock valued at $210,000 after purchasing an additional 7,184 shares in the last quarter. Finally, Choreo LLC purchased a new position in shares of Archer Aviation during the second quarter valued at about $49,000. 59.34% of the stock is owned by 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.