Archer Aviation (NYSE:ACHR) Trading 4.7% Higher – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR)’s stock price rose 4.7% during mid-day trading on Friday . The stock traded as high as $7.29 and last traded at $7.19. Approximately 58,769,250 shares traded hands during trading, an increase of 48% from the average daily volume of 39,684,461 shares. The stock had previously closed at $6.87.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ACHR. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 price target on shares of Archer Aviation in a report on Tuesday, August 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, October 8th. Needham & Company LLC decreased their price target on Archer Aviation from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, November 7th. Canaccord Genuity Group raised their price objective on shares of Archer Aviation from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Friday. Finally, Cantor Fitzgerald set a $13.00 price objective on shares of Archer Aviation in a research note on Monday, November 10th. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $12.71.

Archer Aviation Stock Up 4.7%

The company has a debt-to-equity ratio of 0.05, a current ratio of 18.19 and a quick ratio of 18.19. The company has a fifty day moving average price of $10.18 and a 200 day moving average price of $10.18. The company has a market cap of $4.68 billion, a PE ratio of -5.71 and a beta of 3.07.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.20). As a group, analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Transactions at Archer Aviation

In other news, CTO Thomas Paul Muniz sold 90,648 shares of the business’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $7.49, for a total value of $678,953.52. Following the completion of the sale, the chief technology officer directly owned 1,397,129 shares in the company, valued at approximately $10,464,496.21. The trade was a 6.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Tosha Perkins sold 45,018 shares of the company’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $7.49, for a total transaction of $337,184.82. Following the completion of the sale, the insider directly owned 334,632 shares of the company’s stock, valued at $2,506,393.68. This trade represents a 11.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 182,635 shares of company stock worth $1,367,936 in the last three months. Corporate insiders own 7.65% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Large investors have recently added to or reduced their stakes in the business. CIBC Bancorp USA Inc. purchased a new stake in Archer Aviation during the third quarter valued at about $563,000. Sunbelt Securities Inc. increased its holdings in shares of Archer Aviation by 83.2% in the third quarter. Sunbelt Securities Inc. now owns 5,000 shares of the company’s stock worth $48,000 after buying an additional 2,271 shares during the period. Advisory Services Network LLC bought a new stake in shares of Archer Aviation in the 3rd quarter valued at about $81,000. Camelot Portfolios LLC purchased a new stake in Archer Aviation during the 3rd quarter valued at about $144,000. Finally, Kestra Private Wealth Services LLC boosted its holdings in Archer Aviation by 14.6% during the 3rd quarter. Kestra Private Wealth Services LLC now owns 30,483 shares of the company’s stock valued at $292,000 after acquiring an additional 3,875 shares during the period. Hedge funds and other institutional investors own 59.34% of the company’s stock.

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.