Archer Aviation (NYSE:ACHR) Stock Price Up 4.1% - Still a Buy?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price rose 4.1% during mid-day trading on Monday . The company traded as high as $9.18 and last traded at $9.08. Approximately 10,015,335 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 19,033,899 shares. The stock had previously closed at $8.72.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Raymond James boosted 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. Needham & Company LLC upped their target price on Archer Aviation from $11.00 to $13.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Cantor Fitzgerald lifted their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a research report on Wednesday, December 18th. HC Wainwright reaffirmed a "buy" rating and set a $12.50 price objective on shares of Archer Aviation in a report on Friday, February 28th. Finally, Canaccord Genuity Group raised their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research note on Friday, February 28th. 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, Archer Aviation has a consensus rating of "Moderate Buy" and a consensus target price of $11.61.

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Archer Aviation Trading Down 1.4 %

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 market capitalization of $4.35 billion, a P/E ratio of -6.08 and a beta of 3.14. The business's fifty day simple moving average is $8.81 and its two-hundred day simple moving average is $6.81.

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

Insider Activity

In related news, insider Tosha Perkins sold 49,273 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $379,402.10. Following the completion of the transaction, the insider now owns 232,396 shares in the company, valued at $1,789,449.20. This trade represents a 17.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Thomas Paul Muniz sold 99,224 shares of the business's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $764,024.80. Following the completion of the sale, the chief technology officer now directly owns 1,131,443 shares in the company, valued at approximately $8,712,111.10. This represents a 8.06 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 303,985 shares of company stock worth $2,555,685. Company insiders own 9.75% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. ARK Investment Management LLC increased its position in shares of Archer Aviation by 27.1% during the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock worth $291,643,000 after purchasing an additional 6,371,647 shares in the last quarter. Renaissance Technologies LLC bought a new stake in Archer Aviation during the fourth quarter worth about $42,709,000. Alyeska Investment Group L.P. increased its holdings in shares of Archer Aviation by 158.3% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock worth $48,748,000 after buying an additional 3,064,280 shares in the last quarter. Two Sigma Investments LP raised its stake in shares of Archer Aviation by 3,166.8% in the fourth quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company's stock valued at $29,377,000 after acquiring an additional 2,920,752 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Archer Aviation by 21.4% in the 4th quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock worth $160,682,000 after acquiring an additional 2,908,859 shares in the last quarter. 59.34% of the stock is owned by institutional investors.

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.