Archer Aviation (NYSE:ACHR) Stock Price Up 3.5% - Still a Buy?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shares shot up 3.5% during mid-day trading on Wednesday . The stock traded as high as $7.36 and last traded at $7.05. 7,886,840 shares traded hands during trading, a decline of 75% from the average session volume of 31,974,635 shares. The stock had previously closed at $6.81.

Wall Street Analyst Weigh In

A number of research analysts recently commented on ACHR shares. JPMorgan Chase & Co. cut Archer Aviation from an "overweight" rating to a "neutral" rating and raised their price target for the stock from $6.00 to $9.00 in a research report on Friday, January 10th. Needham & Company LLC raised their price target on Archer Aviation from $11.00 to $13.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Raymond James raised their price target on Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research report on Friday, February 21st. Canaccord Genuity Group raised their price target on Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a research report on Friday, February 28th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Archer Aviation from $11.00 to $15.00 and gave the stock a "buy" rating in a research report on Friday, December 13th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $11.61.

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Archer Aviation Stock Performance

The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The stock has a 50-day simple moving average of $9.09 and a 200-day simple moving average of $6.48. The stock has a market cap of $4.17 billion, a P/E ratio of -5.83 and a beta of 3.14.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.40) by $0.10. Research analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Buying and Selling at Archer Aviation

In other news, insider Tosha Perkins sold 49,273 shares of Archer Aviation stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $379,402.10. Following the sale, the insider now directly owns 232,396 shares of the company's stock, valued at approximately $1,789,449.20. This trade represents a 17.49 % 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, CTO Thomas Paul Muniz sold 50,000 shares of Archer Aviation stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $12.00, for a total value of $600,000.00. Following the completion of the transaction, the chief technology officer now directly owns 1,070,360 shares in the company, valued at approximately $12,844,320. This represents a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 545,498 shares of company stock worth $4,920,815 over the last 90 days. Insiders own 9.75% of the company's stock.

Hedge Funds Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Sunbelt Securities Inc. acquired a new position in shares of Archer Aviation in the fourth quarter worth approximately $27,000. Conquis Financial LLC acquired a new position in shares of Archer Aviation in the fourth quarter worth approximately $29,000. Harbour Investments Inc. lifted its stake in shares of Archer Aviation by 54.7% in the fourth 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 period. Oarsman Capital Inc. lifted its stake in shares of Archer Aviation by 471.7% in the fourth 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 lifted its stake in shares of Archer Aviation by 58.3% in the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock worth $32,000 after acquiring an additional 1,224 shares during the period. 59.34% of the stock is 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.

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