Archer Aviation (NYSE:ACHR) Trading Up 1.5% - Still a Buy?

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) rose 1.5% on Wednesday . The stock traded as high as $7.08 and last traded at $7.07. Approximately 5,241,694 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 19,497,849 shares. The stock had previously closed at $6.96.

Analysts Set New Price Targets

Several research analysts have issued reports on ACHR shares. Needham & Company LLC increased their target price on shares of Archer Aviation from $11.00 to $13.00 and gave the stock a "buy" rating in a report on Friday, February 28th. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an "overweight" rating to a "neutral" rating and increased their price objective for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Canaccord Genuity Group boosted their price objective on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a research note on Friday, February 28th. Deutsche Bank Aktiengesellschaft increased their target price on Archer Aviation from $11.00 to $15.00 and gave the company a "buy" rating in a research report on Friday, December 13th. Finally, Raymond James upped their price objective on Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research note on Friday, February 21st. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $11.61.

Remove Ads

Archer Aviation Trading Down 2.3 %

The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a 50-day simple moving average of $8.43 and a 200 day simple moving average of $7.05. The company has a market cap of $3.53 billion, a price-to-earnings ratio of -4.89 and a beta of 3.16.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its earnings results on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping analysts' consensus estimates of ($0.40) by $0.10. As a group, equities research analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Tosha Perkins sold 33,335 shares of Archer Aviation stock in a transaction on Monday, March 31st. The shares were sold at an average price of $7.04, for a total value of $234,678.40. Following the sale, the insider now owns 262,673 shares of the company's stock, valued at approximately $1,849,217.92. This trade represents a 11.26 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Eric Lentell sold 43,230 shares of the firm's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $332,871.00. Following the completion of the transaction, the general counsel now directly owns 53,225 shares in the company, valued at $409,832.50. This represents a 44.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 424,780 shares of company stock valued at $3,158,081. 9.75% of the stock is owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

A number of hedge funds have recently modified their holdings of the business. Sunbelt Securities Inc. purchased a new stake in Archer Aviation during the 4th quarter valued at about $27,000. Conquis Financial LLC purchased a new stake in shares of Archer Aviation in the fourth quarter valued at approximately $29,000. Harbour Investments Inc. increased its stake in shares of Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock worth $30,000 after acquiring an additional 1,095 shares during the last quarter. Oarsman Capital Inc. raised its holdings in shares of Archer Aviation by 471.7% during the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company's stock worth $30,000 after acquiring an additional 2,547 shares during the period. Finally, Anchor Investment Management LLC boosted its position in shares of Archer Aviation by 58.3% during the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock valued at $32,000 after acquiring an additional 1,224 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.