Archer Aviation (NYSE:ACHR) Shares Up 6.7% - Still a Buy?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price rose 6.7% on Friday . The stock traded as high as $7.78 and last traded at $7.73. Approximately 8,396,499 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 31,823,473 shares. The stock had previously closed at $7.25.

Analyst Upgrades and Downgrades

ACHR has been the subject of several recent analyst reports. Canaccord Genuity Group upped their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a report on Friday, February 28th. Cantor Fitzgerald upped their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an "overweight" rating in a report on Wednesday, December 18th. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an "overweight" rating to a "neutral" rating and upped their target price for the stock from $6.00 to $9.00 in a report on Friday, January 10th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a "buy" rating in a report on Friday, December 13th. Finally, Raymond James upped their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a report on Friday, February 21st. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Archer Aviation presently has a consensus rating of "Moderate Buy" and an average target price of $11.61.

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Archer Aviation Price Performance

The firm's fifty day simple moving average is $8.89 and its 200 day simple moving average is $6.61. The firm has a market cap of $4.53 billion, a P/E ratio of -6.33 and a beta of 3.14. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) EPS 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 other news, CTO Thomas Paul Muniz sold 50,000 shares of the company's stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total transaction of $600,000.00. Following the sale, 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 position. The sale was disclosed in a 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 company'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 sale, the general counsel now 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 three months, insiders have sold 303,985 shares of company stock worth $2,555,685. 9.75% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ACHR. Sunbelt Securities Inc. purchased a new position in Archer Aviation during the 4th quarter valued at $27,000. Conquis Financial LLC purchased a new position in Archer Aviation during the 4th quarter valued at $29,000. Oarsman Capital Inc. boosted its holdings in Archer Aviation by 471.7% during the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company's stock valued at $30,000 after acquiring an additional 2,547 shares during the period. Harbour Investments Inc. boosted its holdings in Archer Aviation by 54.7% during the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock valued at $30,000 after acquiring an additional 1,095 shares during the period. Finally, Anchor Investment Management LLC boosted its holdings in 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 period. Institutional investors own 59.34% of the company's stock.

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.