Archer Aviation (NYSE:ACHR) Shares Up 18.8% – Time to Buy?

Archer Aviation Inc. (NYSE:ACHR) was up 18.8% during trading on Friday . The stock traded as high as $9.84 and last traded at $9.60. Approximately 40,329,100 shares changed hands during mid-day trading, an increase of 308% from the average daily volume of 9,889,396 shares. The stock had previously closed at $8.08.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on ACHR shares. Benchmark reaffirmed a “buy” rating and set a $12.00 price objective on shares of Archer Aviation in a research report on Friday, August 9th. Needham & Company LLC began coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price target for the company. HC Wainwright started coverage on shares of Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective on the stock. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a report on Monday, October 7th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Archer Aviation currently has an average rating of “Moderate Buy” and a consensus price target of $9.33.

Archer Aviation Stock Performance

The firm’s 50-day moving average price is $3.98 and its 200-day moving average price is $3.81. 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 $4.07 billion, a P/E ratio of -7.25 and a beta of 2.29.

Archer Aviation (NYSE:ACHR) last announced its quarterly 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 quarter in the prior year, the company posted ($0.19) EPS. Sell-side analysts expect that Archer Aviation Inc. will post -1.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Archer Aviation news, Director Deborah Diaz purchased 5,150 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were bought at an average price of $7.48 per share, with a total value of $38,522.00. Following the completion of the purchase, the director now directly owns 98,886 shares in the company, valued at $739,667.28. This trade represents a 5.49 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 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 transaction, the chief executive officer now owns 4,197,136 shares of the company’s stock, valued at $19,432,739.68. This trade represents a 16.10 % decrease in their position. The disclosure for this sale can be found here. 9.75% of the stock is owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

Large investors have recently added to or reduced their stakes in the stock. Miller Wealth Advisors LLC bought a new stake in shares of Archer Aviation in the 3rd quarter valued at approximately $26,000. Hollencrest Capital Management boosted 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 worth $32,000 after buying an additional 3,000 shares during the period. CWM LLC increased its position 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 acquiring an additional 3,559 shares during the last quarter. Code Waechter LLC purchased a new stake in shares of Archer Aviation in the third quarter valued at $30,000. Finally, Azzad Asset Management Inc. ADV bought a new stake in shares of Archer Aviation in the 3rd quarter worth about $31,000. 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.