Archer Aviation (NYSE:ACHR) Trading 7.9% Higher – Still a Buy?

Shares of Archer Aviation Inc. (NYSE:ACHR) rose 7.9% during trading on Wednesday . The stock traded as high as $9.07 and last traded at $8.87. Approximately 12,678,936 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 34,580,281 shares. The stock had previously closed at $8.22.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Cantor Fitzgerald boosted their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Needham & Company LLC reiterated a “buy” rating and set a $11.00 target price on shares of Archer Aviation in a research report on Thursday. Canaccord Genuity Group raised their price target on Archer Aviation from $11.00 to $14.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. HC Wainwright reaffirmed a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a report on Monday, December 16th. Finally, JPMorgan Chase & Co. downgraded Archer Aviation from an “overweight” rating to a “neutral” rating and raised their target price for the company from $6.00 to $9.00 in a report on Friday, January 10th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Archer Aviation currently has an average rating of “Moderate Buy” and an average target price of $11.38.

Archer Aviation Stock Performance

The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $3.74 billion, a price-to-earnings ratio of -6.66 and a beta of 3.15. The firm has a fifty day moving average of $8.08 and a 200-day moving average of $5.17.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data 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 period last year, the firm posted ($0.19) EPS. As a group, sell-side analysts anticipate that Archer Aviation Inc. will post -1.33 EPS for the current year.

Insider Activity

In other Archer Aviation news, insider Tosha Perkins sold 150,000 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $6.40, for a total value of $960,000.00. Following the transaction, the insider now directly owns 197,355 shares in the company, valued at approximately $1,263,072. This represents a 43.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Adam D. Goldstein purchased 19,762 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were purchased at an average cost of $5.12 per share, for a total transaction of $101,181.44. Following the completion of the purchase, the chief executive officer now directly owns 2,014,890 shares in the company, valued at $10,316,236.80. The trade was a 0.99 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 776,791 shares of company stock worth $5,139,699 and have sold 1,862,899 shares worth $12,201,707. Company insiders own 9.75% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. HBK Investments L P purchased a new stake in shares of Archer Aviation in the third quarter valued at $6,818,000. Sora Investors LLC purchased a new stake in Archer Aviation in the 3rd quarter valued at about $3,429,000. Yarbrough Capital LLC acquired a new position in shares of Archer Aviation during the 4th quarter valued at about $6,039,000. Stifel Financial Corp lifted its holdings in shares of Archer Aviation by 574.5% during the 3rd quarter. Stifel Financial Corp now owns 459,171 shares of the company’s stock worth $1,391,000 after acquiring an additional 391,092 shares during the period. Finally, Barclays PLC lifted its holdings in shares of 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 acquiring an additional 312,440 shares during the period. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.