Archer Aviation (NYSE:ACHR) Stock Jumps 5% – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR)’s stock price traded up 5% on Thursday. The stock traded as high as $4.29 and last traded at $4.2750. Approximately 25,736,997 shares were traded during trading, a decline of 28% from the average daily volume of 35,727,992 shares. The stock had previously closed at $4.07.

Analyst Ratings Changes

A number of equities analysts have issued reports on ACHR shares. Barclays raised shares of Archer Aviation from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $4.50 to $8.00 in a report on Friday, October 9th. Needham & Company LLC reiterated a “buy” rating and issued a $9.00 target price on shares of Archer Aviation in a report on Tuesday, August 11th. UBS Group reiterated an “overweight” rating on shares of Archer Aviation in a report on Tuesday, August 11th. Cantor Fitzgerald reissued an “overweight” rating and set a $11.00 price target on shares of Archer Aviation in a research report on Tuesday, August 11th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a report on Thursday. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $11.00.

Archer Aviation Trading Down 4.9%

The company has a market capitalization of $3.13 billion, a P/E ratio of -3.76 and a beta of 3.27. The company has a debt-to-equity ratio of 0.06, a current ratio of 10.21 and a quick ratio of 10.21. The firm has a fifty day moving average price of $5.52 and a 200-day moving average price of $5.53.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.34) EPS for the quarter, meeting analysts’ consensus estimates of ($0.34). The business had revenue of $5.00 million for the quarter, compared to analysts’ expectations of $1.94 million. On average, equities research analysts anticipate that Archer Aviation Inc. will post -1.37 earnings per share for the current year.

Insider Buying and Selling at Archer Aviation

In other news, CFO Priya Gupta sold 10,015 shares of Archer Aviation stock in a transaction on Monday, August 17th. The stock was sold at an average price of $6.41, for a total transaction of $64,196.15. Following the sale, the chief financial officer directly owned 202,784 shares in the company, valued at $1,299,845.44. The trade was a 4.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Harsh Rungta sold 13,880 shares of Archer Aviation stock in a transaction on Monday, August 17th. The stock was sold at an average price of $6.41, for a total value of $88,970.80. Following the sale, the chief accounting officer owned 110,847 shares in the company, valued at $710,529.27. The trade was a 11.13% decrease in their ownership of the stock. 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. Insiders sold 176,657 shares of company stock worth $1,122,371 in the last quarter. 5.55% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

Several institutional investors have recently added to or reduced their stakes in ACHR. Wealthcare Advisory Partners LLC raised its position in Archer Aviation by 22.9% in the second quarter. Wealthcare Advisory Partners LLC now owns 13,126 shares of the company’s stock worth $62,000 after acquiring an additional 2,447 shares during the period. EMC Capital Management boosted its stake in Archer Aviation by 22.5% in the fourth quarter. EMC Capital Management now owns 13,600 shares of the company’s stock valued at $102,000 after acquiring an additional 2,500 shares during the last quarter. Anchor Investment Management LLC grew its position in shares of Archer Aviation by 48.9% during the 4th quarter. Anchor Investment Management LLC now owns 7,809 shares of the company’s stock valued at $59,000 after acquiring an additional 2,565 shares during the period. Focus Financial Network Inc. grew its position in shares of Archer Aviation by 20.0% during the 2nd quarter. Focus Financial Network Inc. now owns 16,890 shares of the company’s stock valued at $80,000 after acquiring an additional 2,820 shares during the period. Finally, Parallel Advisors LLC grew its position in shares of Archer Aviation by 59.4% during the 1st quarter. Parallel Advisors LLC now owns 8,786 shares of the company’s stock valued at $45,000 after acquiring an additional 3,275 shares during the period. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Company Profile

Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its goal is to provide quieter, lower-emission transportation for short passenger trips, including airport transfers and travel between urban and suburban locations.

The company’s primary aircraft is Midnight, a piloted, four-passenger eVTOL aircraft designed for frequent short-distance flights. Archer has also developed Maker, a smaller technology demonstrator used to test its electric propulsion, flight-control and other aircraft systems.