Archer Aviation (NYSE:ACHR) Stock Price Up 10.4% - Still a Buy?

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) traded up 10.4% on Tuesday . The company traded as high as $11.84 and last traded at $11.43. 39,278,472 shares changed hands during trading, an increase of 24% from the average session volume of 31,605,545 shares. The stock had previously closed at $10.35.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Canaccord Genuity Group reduced their price objective on Archer Aviation from $14.00 to $13.00 and set a "buy" rating on the stock in a research report on Wednesday, February 12th. Cantor Fitzgerald lifted their target price on 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 Archer Aviation from an "overweight" rating to a "neutral" rating and lifted their target price for the stock from $6.00 to $9.00 in a report on Friday, January 10th. HC Wainwright reaffirmed a "buy" rating and set a $12.50 target price on shares of Archer Aviation in a report on Monday, December 16th. Finally, Raymond James lifted their target price on Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a report on Friday. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $11.33.

Archer Aviation Price Performance

The firm has a market capitalization of $3.88 billion, a P/E ratio of -6.91 and a beta of 3.13. The business has a 50-day moving average of $9.65 and a 200 day moving average of $6.05. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

Insider Activity at Archer Aviation

In related news, Director Deborah Diaz acquired 5,150 shares of the firm's stock in a transaction on Monday, November 25th. The stock was purchased at an average cost of $7.48 per share, with a total value of $38,522.00. Following the acquisition, the director now owns 98,886 shares of the company's stock, valued at approximately $739,667.28. This trade represents a 5.49 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CTO Thomas Paul Muniz sold 50,000 shares of the business's 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 sale, the chief technology officer now directly owns 1,070,360 shares of the company's stock, valued at $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 sold 1,057,729 shares of company stock valued at $8,473,770 in the last three months. Corporate insiders own 9.75% of the company's stock.

Hedge Funds Weigh In On Archer Aviation

Several institutional investors have recently modified their holdings of ACHR. ARK Investment Management LLC grew its holdings in shares of Archer Aviation by 27.1% in the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock valued at $291,643,000 after acquiring an additional 6,371,647 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Archer Aviation in the fourth quarter valued at approximately $42,709,000. Alyeska Investment Group L.P. grew its holdings in shares of Archer Aviation by 158.3% in the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock valued at $48,748,000 after acquiring an additional 3,064,280 shares in the last quarter. Two Sigma Investments LP grew its holdings 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 in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Archer Aviation by 21.4% in the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock valued at $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.