Archer Aviation (NYSE:ACHR) Trading Up 4.5% – Time to Buy?

Archer Aviation Inc. (NYSE:ACHR)’s share price rose 4.5% during mid-day trading on Thursday . The company traded as high as $7.09 and last traded at $6.8450. Approximately 58,122,558 shares changed hands during mid-day trading, an increase of 58% from the average daily volume of 36,855,406 shares. The stock had previously closed at $6.55.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research report on Monday, April 20th. Canaccord Genuity Group reduced their price target on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, May 12th. Finally, Needham & Company LLC reduced their price target on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. Five 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $11.83.

Archer Aviation Trading Up 4.5%

The stock has a market capitalization of $5.20 billion, a price-to-earnings ratio of -6.22 and a beta of 3.13. The company has a debt-to-equity ratio of 0.06, a current ratio of 18.06 and a quick ratio of 18.06. The business’s 50-day simple moving average is $5.87 and its two-hundred day simple moving average is $7.05.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The business had revenue of $1.60 million for the quarter, compared to analysts’ expectations of $1.66 million. During the same quarter last year, the business posted ($0.17) earnings per share. On average, research analysts anticipate that Archer Aviation Inc. will post -1.51 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Thomas Paul Muniz sold 94,725 shares of the business’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $6.46, for a total transaction of $611,923.50. Following the transaction, the chief technology officer directly owned 1,345,430 shares of the company’s stock, valued at approximately $8,691,477.80. The trade was a 6.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Eric Lentell sold 48,169 shares of the business’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $286,605.55. Following the transaction, the insider directly owned 141,084 shares in the company, valued at approximately $839,449.80. The trade was a 25.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 502,739 shares of company stock valued at $3,124,236. 7.65% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ACHR. Sumitomo Mitsui Trust Group Inc. increased its stake in Archer Aviation by 21.6% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,914,191 shares of the company’s stock valued at $59,515,000 after purchasing an additional 1,407,775 shares during the last quarter. Seven Grand Managers LLC bought a new stake in Archer Aviation during the fourth quarter valued at $22,560,000. AlphaQuest LLC increased its stake in Archer Aviation by 3,207.5% during the third quarter. AlphaQuest LLC now owns 85,202 shares of the company’s stock valued at $816,000 after purchasing an additional 82,626 shares during the last quarter. Vanguard Group Inc. increased its stake in Archer Aviation by 4.4% during the fourth quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock valued at $411,165,000 after purchasing an additional 2,312,899 shares during the last quarter. Finally, Generali Powszechne Towarzystwo Emerytalne bought a new stake in Archer Aviation during the fourth quarter valued at $7,520,000. 59.34% of the stock is owned by institutional investors and hedge funds.

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.