Archer Aviation (NYSE:ACHR) Trading Up 6.1% – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR)’s share price was up 6.1% during mid-day trading on Thursday . The company traded as high as $4.77 and last traded at $4.7550. Approximately 31,437,557 shares were traded during trading, a decline of 17% from the average daily volume of 37,721,938 shares. The stock had previously closed at $4.48.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ACHR. Canaccord Genuity Group reduced their price objective on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, May 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research report on Friday, July 17th. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $11.83.

Archer Aviation Trading Up 6.1%

The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.06. The business has a fifty day simple moving average of $5.38 and a 200 day simple moving average of $6.18. The company has a market cap of $3.61 billion, a price-to-earnings ratio of -4.32 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The business had revenue of $1.60 million for the quarter, compared to the consensus estimate of $1.66 million. During the same quarter in the prior year, the firm earned ($0.17) EPS. On average, equities analysts anticipate that Archer Aviation Inc. will post -1.4 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In related news, CAO Harsh Rungta sold 12,414 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $73,863.30. Following the sale, the chief accounting officer owned 87,210 shares of the company’s stock, valued at approximately $518,899.50. The trade was a 12.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 9,860 shares of the company’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $58,667.00. Following the transaction, the chief financial officer owned 189,050 shares in the company, valued at $1,124,847.50. The trade was a 4.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 250,743 shares of company stock worth $1,497,672 in the last ninety days. Corporate insiders own 5.55% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Several hedge funds have recently bought and sold shares of ACHR. Geneos Wealth Management Inc. boosted its position in Archer Aviation by 105.3% during the second quarter. Geneos Wealth Management Inc. now owns 3,318 shares of the company’s stock worth $36,000 after purchasing an additional 1,702 shares in the last quarter. Gould Capital LLC increased its position in shares of Archer Aviation by 238.1% in the fourth quarter. Gould Capital LLC now owns 3,560 shares of the company’s stock valued at $27,000 after buying an additional 2,507 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its stake in shares of Archer Aviation by 840.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company’s stock worth $28,000 after buying an additional 3,335 shares during the last quarter. Strs Ohio acquired a new position in shares of Archer Aviation during the 1st quarter worth $27,000. Finally, Modus Advisors LLC purchased a new stake in shares of Archer Aviation in the 4th quarter worth about $29,000. 59.34% of the stock is owned by hedge funds and other institutional investors.

Archer Aviation Company Profile

Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.