Archer Aviation (NYSE:ACHR) Trading Up 6.9% – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR)’s stock price was up 6.9% during mid-day trading on Tuesday . The company traded as high as $4.88 and last traded at $4.8650. Approximately 28,292,316 shares were traded during trading, a decline of 25% from the average daily volume of 37,803,336 shares. The stock had previously closed at $4.55.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. 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 Monday, April 20th. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Archer Aviation currently has a consensus rating of “Moderate Buy” and an average target price of $11.83.

Archer Aviation Price Performance

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 stock has a market capitalization of $3.70 billion, a price-to-earnings ratio of -4.42 and a beta of 3.19. The stock has a 50 day moving average price of $5.70 and a 200-day moving average price of $6.45.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data 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 during 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, analysts forecast that Archer Aviation Inc. will post -1.47 earnings per share for the current year.

Insider Buying and Selling at Archer Aviation

In related news, insider Eric Lentell sold 48,169 shares of Archer Aviation stock in a transaction that occurred 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 owned 141,084 shares in the company, valued at approximately $839,449.80. This trade represents a 25.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Harsh Rungta sold 12,414 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 value of $73,863.30. Following the transaction, the chief accounting officer directly owned 87,210 shares in the company, valued at $518,899.50. This trade represents a 12.46% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 250,743 shares of company stock valued at $1,497,672. Corporate insiders own 5.55% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

A number of hedge funds have recently modified their holdings of ACHR. Gould Capital LLC raised its position in 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 purchasing an additional 2,507 shares during the period. Strs Ohio purchased a new position in shares of Archer Aviation during the 1st quarter worth $27,000. Caitong International Asset Management Co. Ltd grew its holdings 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 purchasing an additional 3,335 shares during the period. Modus Advisors LLC acquired a new stake in shares of Archer Aviation during the 4th quarter worth about $29,000. Finally, Basepoint Wealth LLC purchased a new stake in Archer Aviation in the 4th quarter valued at about $32,000. Hedge funds and other institutional investors own 59.34% of the company’s stock.

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.