Archer Aviation (NYSE:ACHR) Trading 7.5% Higher - Still a Buy?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) traded up 7.5% during trading on Friday . The company traded as high as $10.07 and last traded at $9.96. 13,695,403 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 29,002,758 shares. The stock had previously closed at $9.27.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on ACHR shares. JPMorgan Chase & Co. downgraded Archer Aviation from an "overweight" rating to a "neutral" rating and upped their price objective for the company from $6.00 to $9.00 in a research report on Friday, January 10th. Needham & Company LLC reissued a "buy" rating and issued a $11.00 target price on shares of Archer Aviation in a research note on Thursday, January 16th. HC Wainwright reiterated a "buy" rating and set a $12.50 price objective on shares of Archer Aviation in a research note on Monday, December 16th. Deutsche Bank Aktiengesellschaft upped 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, Canaccord Genuity Group increased their target price on Archer Aviation from $11.00 to $14.00 and gave the stock a "buy" rating in a report on Wednesday, January 8th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, Archer Aviation currently has a consensus rating of "Moderate Buy" and a consensus target price of $11.38.

Archer Aviation Stock Performance

The firm's 50-day moving average price is $9.16 and its two-hundred day moving average price is $5.62. The firm has a market capitalization of $3.94 billion, a price-to-earnings ratio of -7.03 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 announced its quarterly earnings data on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.05). During the same quarter in the previous year, the company posted ($0.19) earnings per share. Sell-side analysts predict that Archer Aviation Inc. will post -1.31 earnings per share for the current year.

Insider Activity

In other news, insider Tosha Perkins sold 150,000 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $6.40, for a total transaction of $960,000.00. Following the transaction, the insider now owns 197,355 shares of the company's stock, valued at $1,263,072. This represents a 43.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Adam D. Goldstein purchased 19,762 shares of Archer Aviation stock in a transaction that occurred on Thursday, November 21st. The stock was acquired at an average cost of $5.12 per share, with a total value of $101,181.44. Following the transaction, the chief executive officer now owns 2,014,890 shares in the company, valued at $10,316,236.80. This trade represents a 0.99 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 776,791 shares of company stock valued at $5,139,699 and have sold 1,862,899 shares valued at $12,201,707. 9.75% of the stock is owned by insiders.

Hedge Funds Weigh In On Archer Aviation

Institutional investors and hedge funds have recently bought and sold shares of the company. The Manufacturers Life Insurance Company boosted its stake in shares of Archer Aviation by 42.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 120,870 shares of the company's stock valued at $425,000 after purchasing an additional 36,130 shares in the last quarter. Algert Global LLC purchased a new position in Archer Aviation in the 2nd quarter worth approximately $76,000. Azzad Asset Management Inc. ADV bought a new position in Archer Aviation during the third quarter valued at approximately $31,000. Code Waechter LLC bought a new stake in Archer Aviation during the third quarter worth approximately $30,000. Finally, Creative Planning boosted its holdings in Archer Aviation by 74.1% during the 3rd quarter. Creative Planning now owns 28,851 shares of the company's stock valued at $87,000 after acquiring an additional 12,278 shares during the period. 59.34% of the stock is owned by institutional investors.

About Archer Aviation

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.