Archer Aviation (NYSE:ACHR) Trading 7% Higher – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR) was up 7% on Friday . The company traded as high as $9.06 and last traded at $9.01. Approximately 17,290,308 shares were traded during trading, an increase of 37% from the average daily volume of 12,576,161 shares. The stock had previously closed at $8.42.

Wall Street Analysts Forecast Growth

ACHR has been the topic of several research reports. Canaccord Genuity Group increased their price target on shares of Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Cantor Fitzgerald lifted their target price on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft increased their price target on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Needham & Company LLC started coverage on shares of Archer Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price target for the company. Finally, HC Wainwright reissued a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a report on Monday. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $10.63.

Archer Aviation Stock Performance

The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The stock has a market cap of $4.18 billion, a P/E ratio of -7.45 and a beta of 3.19. The company has a fifty day moving average of $5.35 and a 200 day moving average of $4.25.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period last year, the business posted ($0.19) earnings per share. On average, equities analysts predict that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Adam D. Goldstein bought 19,762 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were acquired at an average price of $5.12 per share, with a total value of $101,181.44. Following the completion of the transaction, the chief executive officer now owns 2,014,890 shares of the company’s stock, valued at $10,316,236.80. The trade was a 0.99 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Thomas Paul Muniz sold 50,000 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $9.00, for a total transaction of $450,000.00. Following the completion of the sale, the chief technology officer now directly owns 1,120,360 shares of the company’s stock, valued at approximately $10,083,240. This trade represents a 4.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 776,791 shares of company stock worth $5,139,699 and have sold 1,621,386 shares worth $9,686,577. 9.75% of the stock is currently owned by corporate insiders.

Institutional Trading of Archer Aviation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its stake in Archer Aviation by 5.6% during the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after buying an additional 268,896 shares during the last quarter. HBK Investments L P bought a new stake in Archer Aviation during the 3rd quarter worth approximately $6,818,000. Charles Schwab Investment Management Inc. increased its holdings in Archer Aviation by 5.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock valued at $5,547,000 after purchasing an additional 94,430 shares in the last quarter. Bank of New York Mellon Corp raised its position 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 acquired a new position in Archer Aviation in the third quarter worth $3,429,000. 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.