Archer Aviation (NYSE:ACHR) Trading Up 5% – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR) was up 5% during mid-day trading on Thursday . The company traded as high as $5.32 and last traded at $5.3040. Approximately 42,189,302 shares were traded during trading, an increase of 11% from the average daily volume of 38,101,133 shares. The stock had previously closed at $5.05.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on ACHR shares. Needham & Company LLC lowered their price target on Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. Canaccord Genuity Group lowered their price target on Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, May 12th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research report on Monday, April 20th. Five equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.83.

Archer Aviation Trading Up 5.0%

The stock’s 50 day moving average price is $5.97 and its 200-day moving average price is $6.92. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $4.03 billion, a PE ratio of -4.82 and a beta of 3.14.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The firm had revenue of $1.60 million for the quarter, compared to analysts’ expectations of $1.66 million. During the same period in the previous year, the business posted ($0.17) earnings per share. On average, sell-side analysts expect that Archer Aviation Inc. will post -1.47 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Eric Lentell sold 48,169 shares of the company’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $286,605.55. Following the completion of the transaction, the insider owned 141,084 shares in the company, valued at approximately $839,449.80. This represents a 25.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Tosha Perkins sold 10,949 shares of the company’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $6.27, for a total transaction of $68,650.23. Following the transaction, the insider owned 384,768 shares of the company’s stock, valued at approximately $2,412,495.36. This represents a 2.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 282,840 shares of company stock valued at $1,703,688 in the last quarter. Company insiders own 7.65% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in Archer Aviation by 45.8% during the third quarter. Vanguard Group Inc. now owns 52,363,259 shares of the company’s stock worth $501,640,000 after acquiring an additional 16,452,398 shares during the last quarter. Norges Bank purchased a new stake in Archer Aviation during the 4th quarter valued at $58,494,000. Man Group plc raised its holdings in Archer Aviation by 13,793.3% during the 2nd quarter. Man Group plc now owns 4,212,722 shares of the company’s stock valued at $45,708,000 after buying an additional 4,182,400 shares during the period. BNP Paribas Financial Markets raised its holdings in Archer Aviation by 423.3% during the 4th quarter. BNP Paribas Financial Markets now owns 5,126,217 shares of the company’s stock valued at $38,549,000 after buying an additional 4,146,574 shares during the period. Finally, ARK Investment Management LLC raised its holdings in Archer Aviation by 12.4% during the 4th quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company’s stock valued at $264,484,000 after buying an additional 3,869,252 shares during the period. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.