Archer Aviation (NYSE:ACHR) Shares Up 6.8% – Time to Buy?

Archer Aviation Inc. (NYSE:ACHR) shot up 6.8% during trading on Thursday . The stock traded as high as $9.06 and last traded at $8.92. 66,765,542 shares changed hands during trading, an increase of 68% from the average session volume of 39,699,777 shares. The stock had previously closed at $8.35.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. reduced their target price on shares of Archer Aviation from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, November 7th. Canaccord Genuity Group upped their price target on shares of Archer Aviation from $12.00 to $13.00 and gave the company a “buy” rating in a report on Friday, November 21st. The Goldman Sachs Group initiated coverage on shares of Archer Aviation in a research note on Monday. They issued a “neutral” rating and a $11.00 price objective for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research report on Wednesday, October 8th. Finally, Needham & Company LLC reduced their price target on Archer Aviation from $13.00 to $10.00 and set a “buy” rating on the stock in a report on Friday, November 7th. Seven analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $12.50.

Archer Aviation Trading Up 6.8%

The company has a quick ratio of 18.19, a current ratio of 18.19 and a debt-to-equity ratio of 0.05. The stock’s 50 day moving average is $9.86 and its two-hundred day moving average is $10.03. The company has a market capitalization of $5.81 billion, a PE ratio of -7.08 and a beta of 3.10.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.20) EPS for the quarter, meeting the consensus estimate of ($0.20). As a group, sell-side analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Buying and Selling

In other Archer Aviation news, CTO Thomas Paul Muniz sold 90,648 shares of the business’s stock in a transaction dated 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 transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Eric Lentell sold 41,490 shares of the stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $7.49, for a total transaction of $310,760.10. Following the sale, the insider directly owned 83,733 shares of the company’s stock, valued at approximately $627,160.17. The trade was a 33.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 182,635 shares of company stock worth $1,367,936 over the last quarter. Insiders own 7.65% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ACHR. Vanguard Group Inc. grew its holdings in Archer Aviation by 45.8% in the third quarter. Vanguard Group Inc. now owns 52,363,259 shares of the company’s stock worth $501,640,000 after purchasing an additional 16,452,398 shares during the last quarter. Man Group plc boosted its position in shares of Archer Aviation by 13,793.3% in the 2nd quarter. Man Group plc now owns 4,212,722 shares of the company’s stock worth $45,708,000 after purchasing an additional 4,182,400 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Archer Aviation by 44.1% in the 2nd quarter. Geode Capital Management LLC now owns 11,991,714 shares of the company’s stock worth $130,125,000 after purchasing an additional 3,671,753 shares in the last quarter. Nuveen LLC purchased a new position in Archer Aviation during the 1st quarter worth $22,423,000. Finally, Adage Capital Partners GP L.L.C. increased its position in Archer Aviation by 435.7% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 3,750,000 shares of the company’s stock valued at $40,688,000 after buying an additional 3,050,000 shares in the last quarter. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Company Profile

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.