Archer Aviation (NYSE:ACHR) Trading 1.5% Higher – Time to Buy?

Archer Aviation Inc. (NYSE:ACHR) shot up 1.5% on Wednesday . The company traded as high as $5.69 and last traded at $5.6450. 14,969,518 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 37,663,875 shares. The stock had previously closed at $5.56.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ACHR. UBS Group restated an “overweight” rating on shares of Archer Aviation in a report on Tuesday, August 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a report on Friday, July 17th. Barclays raised shares of Archer Aviation to a “hold” rating in a research note on Wednesday, July 29th. Wells Fargo & Company set a $18.00 price target on shares of Archer Aviation in a research report on Tuesday, August 11th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $11.00 price target on shares of Archer Aviation in a research note on Tuesday, August 11th. Five investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $11.50.

Archer Aviation Stock Performance

The firm has a 50 day moving average of $5.36 and a two-hundred day moving average of $5.82. 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 stock has a market cap of $4.35 billion, a PE ratio of -5.23 and a beta of 3.23.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.34) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.34). The firm had revenue of $5.00 million for the quarter, compared to analysts’ expectations of $1.94 million. Research analysts predict that Archer Aviation Inc. will post -1.37 EPS for the current fiscal year.

Insider Activity

In other Archer Aviation news, CFO Priya Gupta sold 10,015 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer owned 202,784 shares in the company, valued at approximately $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 accessible through the SEC website. 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 the business’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $6.41, for a total transaction 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. Over the last 90 days, insiders have sold 180,411 shares of company stock valued at $1,141,141. Company insiders own 5.55% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ACHR. Gould Capital LLC grew its holdings in Archer Aviation by 238.1% during the 4th quarter. Gould Capital LLC now owns 3,560 shares of the company’s stock valued at $27,000 after buying an additional 2,507 shares during the last quarter. Strs Ohio purchased a new stake in shares of Archer Aviation in the first quarter valued at $27,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of Archer Aviation by 840.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company’s stock valued at $28,000 after acquiring an additional 3,335 shares during the last quarter. Modus Advisors LLC purchased a new stake in Archer Aviation during the 4th quarter worth about $29,000. Finally, Basepoint Wealth LLC acquired a new position in Archer Aviation in the 4th quarter valued at about $32,000. Institutional investors and hedge funds own 59.34% of the company’s stock.

About Archer Aviation

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.