Archer Aviation (NYSE:ACHR) Shares Up 8.9% – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR) shares were up 8.9% during trading on Monday. The stock traded as high as $4.98 and last traded at $4.8350. Approximately 38,413,775 shares were traded during trading, an increase of 11% from the average session volume of 34,590,707 shares. The stock had previously closed at $4.44.

Wall Street Analysts Forecast Growth

ACHR has been the subject of several research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a report on Thursday, October 15th. Needham & Company LLC restated a “buy” rating and set a $9.00 price target on shares of Archer Aviation in a research note on Tuesday, August 11th. HC Wainwright restated a “buy” rating on shares of Archer Aviation in a report on Tuesday, August 11th. Wells Fargo & Company set a $18.00 price objective on shares of Archer Aviation in a research note on Tuesday, August 11th. Finally, UBS Group reiterated an “overweight” rating on shares of Archer Aviation in a report on Tuesday, August 11th. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.50.

Archer Aviation Trading Up 8.9%

The company has a market capitalization of $3.72 billion, a PE ratio of -4.48 and a beta of 3.59. The company has a debt-to-equity ratio of 0.06, a current ratio of 10.21 and a quick ratio of 10.21. The company’s fifty day moving average is $4.87 and its 200-day moving average is $5.73.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Monday, August 10th. The company reported ($0.34) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.34). The company had revenue of $5.00 million for the quarter, compared to analysts’ expectations of $1.94 million. On average, analysts anticipate that Archer Aviation Inc. will post -1.37 EPS for the current fiscal year.

Insider Activity

In related news, CFO Priya Gupta sold 10,015 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.41, for a total transaction of $64,196.15. Following the sale, the chief financial officer owned 202,784 shares of the company’s stock, valued at $1,299,845.44. This trade represents a 4.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Eric Lentell sold 100,000 shares of Archer Aviation stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $6.31, for a total value of $631,000.00. Following the completion of the transaction, the insider owned 85,011 shares in the company, valued at $536,419.41. This trade represents a 54.05% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 176,657 shares of company stock worth $1,122,371. 5.55% of the stock is currently owned by company insiders.

Institutional Trading of Archer Aviation

Several hedge funds have recently modified their holdings of the company. Wealthcare Advisory Partners LLC increased its position in shares of Archer Aviation by 22.9% during the second quarter. Wealthcare Advisory Partners LLC now owns 13,126 shares of the company’s stock worth $62,000 after purchasing an additional 2,447 shares in the last quarter. Ashton Thomas Private Wealth LLC raised its stake in Archer Aviation by 20.1% in the third quarter. Ashton Thomas Private Wealth LLC now owns 15,688 shares of the company’s stock valued at $78,000 after buying an additional 2,629 shares during the last quarter. Focus Financial Network Inc. boosted its holdings in Archer Aviation by 20.0% in the second quarter. Focus Financial Network Inc. now owns 16,890 shares of the company’s stock worth $80,000 after acquiring an additional 2,820 shares in the last quarter. Parallel Advisors LLC boosted its holdings in Archer Aviation by 59.4% in the first quarter. Parallel Advisors LLC now owns 8,786 shares of the company’s stock worth $45,000 after acquiring an additional 3,275 shares in the last quarter. Finally, Flagship Harbor Advisors LLC boosted its holdings in Archer Aviation by 8.2% in the third quarter. Flagship Harbor Advisors LLC now owns 43,357 shares of the company’s stock worth $215,000 after acquiring an additional 3,282 shares in the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

About Archer Aviation

Archer Aviation is an aerospace company based in San Jose, California, that develops electric vertical takeoff and landing (eVTOL) aircraft and related services. Its aircraft are designed for short passenger trips, including potential air taxi routes between urban areas and nearby airports.

The company’s primary aircraft is Midnight, a piloted eVTOL designed to carry four passengers and a pilot. Archer is working to bring the aircraft to commercial service, subject to regulatory approvals, and is pursuing operations in the United States and international markets.

Founded in 2018, Archer was co-founded by Adam Goldstein, who serves as its chief executive officer, and Brett Adcock.