Archer Aviation (NYSE:ACHR) Shares Up 11.9% – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR) shares were up 11.9% during mid-day trading on Thursday . The company traded as high as $8.54 and last traded at $8.08. Approximately 62,743,029 shares traded hands during mid-day trading, an increase of 543% from the average daily volume of 9,764,363 shares. The stock had previously closed at $7.22.

Analyst Ratings Changes

ACHR has been the subject of several research analyst reports. HC Wainwright assumed coverage on Archer Aviation in a research note on Tuesday, September 3rd. They set a “buy” rating and a $12.50 target price for the company. Needham & Company LLC started coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 target price for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a research report on Monday, October 7th. Finally, Benchmark reissued a “buy” rating and issued a $12.00 price objective on shares of Archer Aviation in a report on Friday, August 9th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $9.33.

Archer Aviation Stock Performance

The stock has a 50 day moving average of $3.85 and a 200 day moving average of $3.77. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The stock has a market capitalization of $4.07 billion, a P/E ratio of -7.27 and a beta of 2.29.

Archer Aviation (NYSE:ACHR) last released its earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the previous year, the business earned ($0.19) EPS. Equities analysts predict that Archer Aviation Inc. will post -1.29 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Adam D. Goldstein sold 805,170 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total value of $3,727,937.10. Following the sale, the chief executive officer now directly owns 4,197,136 shares in the company, valued at $19,432,739.68. The trade was a 16.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Deborah Diaz bought 5,150 shares of Archer Aviation stock in a transaction that occurred on Monday, November 25th. The shares were acquired at an average price of $7.48 per share, with a total value of $38,522.00. Following the completion of the acquisition, the director now directly owns 98,886 shares of the company’s stock, valued at $739,667.28. This represents a 5.49 % increase in their position. The disclosure for this purchase can be found here. 9.75% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Archer Aviation

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Tidal Investments LLC raised its position in shares of Archer Aviation by 29.9% during the third quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock worth $44,000 after purchasing an additional 3,339 shares during the period. Sanctuary Advisors LLC purchased a new position in Archer Aviation in the 3rd quarter worth about $80,000. Barclays PLC raised its holdings in Archer Aviation by 272.7% during the 3rd quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after buying an additional 312,440 shares during the period. Geode Capital Management LLC lifted 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 valued at $15,487,000 after buying an additional 268,896 shares in the last quarter. Finally, Main Management ETF Advisors LLC acquired a new position in shares of Archer Aviation in the third quarter worth about $583,000. Institutional investors and hedge funds 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.