Archer Aviation (NYSE:ACHR) Shares Up 6.8% – Time to Buy?

Archer Aviation Inc. (NYSE:ACHR)’s share price traded up 6.8% on Thursday . The company traded as high as $9.06 and last traded at $8.92. 66,765,542 shares were traded during trading, an increase of 68% from the average session volume of 39,699,777 shares. The stock had previously closed at $8.35.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on ACHR shares. The Goldman Sachs Group began coverage on Archer Aviation in a research note on Monday, December 1st. They issued a “neutral” rating and a $11.00 target price on the stock. Cantor Fitzgerald reiterated an “overweight” rating on shares of Archer Aviation in a research report on Monday, November 24th. Needham & Company LLC decreased their target price on Archer Aviation from $13.00 to $10.00 and set a “buy” rating for the company in a report on Friday, November 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research note on Wednesday, October 8th. Finally, Canaccord Genuity Group lifted their price target on shares of Archer Aviation from $12.00 to $13.00 and gave the company a “buy” rating in a report on Friday, November 21st. Seven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $12.50.

Archer Aviation Stock Down 3.9%

The company has a market capitalization of $5.60 billion, a P/E ratio of -6.83 and a beta of 3.10. The company has a 50-day moving average of $9.84 and a two-hundred day moving average of $10.00. The company has a quick ratio of 18.19, a current ratio of 18.19 and a debt-to-equity ratio of 0.05.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.20). On average, research analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Buying and Selling at Archer Aviation

In related news, CTO Thomas Paul Muniz sold 90,648 shares of the business’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $7.49, for a total transaction of $678,953.52. Following the sale, the chief technology officer owned 1,397,129 shares of the company’s stock, valued at $10,464,496.21. The trade was a 6.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Eric Lentell sold 41,490 shares of the company’s stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $7.49, for a total transaction of $310,760.10. Following the completion of the sale, the insider owned 83,733 shares in the company, valued at approximately $627,160.17. This trade represents a 33.13% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 182,635 shares of company stock valued at $1,367,936. Insiders own 7.65% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ACHR. Strs Ohio bought a new position in shares of Archer Aviation during the first quarter valued at $27,000. AlphaQuest LLC increased its stake in Archer Aviation by 1,181.6% during the 2nd quarter. AlphaQuest LLC now owns 2,576 shares of the company’s stock valued at $28,000 after purchasing an additional 2,375 shares in the last quarter. Johnson Investment Counsel Inc. purchased a new position in Archer Aviation in the third quarter worth about $29,000. Bank of Jackson Hole Trust lifted its stake in shares of Archer Aviation by 45.9% in the third quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock worth $30,000 after buying an additional 986 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of Archer Aviation during the first quarter valued at approximately $31,000. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Archer Aviation Company Profile

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.