Archer Aviation (NYSE:ACHR) Stock Price Up 15.1% - Time to Buy?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price was up 15.1% during mid-day trading on Wednesday . The stock traded as high as $11.06 and last traded at $10.80. Approximately 48,487,008 shares were traded during mid-day trading, an increase of 272% from the average daily volume of 13,049,095 shares. The stock had previously closed at $9.38.

Analyst Upgrades and Downgrades

ACHR has been the subject of several analyst reports. Cantor Fitzgerald raised their target price on Archer Aviation from $10.00 to $13.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 18th. Needham & Company LLC started coverage on Archer Aviation in a report on Tuesday, November 19th. They set a "buy" rating and a $11.00 price objective for the company. HC Wainwright reaffirmed a "buy" rating and issued a $12.50 target price on shares of Archer Aviation in a report on Monday, December 16th. Canaccord Genuity Group increased their target price on shares of Archer Aviation from $8.50 to $11.00 and gave the stock a "buy" rating in a research report on Friday, December 13th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the company a "buy" rating in a research report on Friday, December 13th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Archer Aviation presently has a consensus rating of "Moderate Buy" and an average target price of $10.63.

Archer Aviation Trading Up 15.1 %

The company's 50-day moving average is $5.76 and its 200-day moving average is $4.40. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The firm has a market cap of $4.59 billion, a price-to-earnings ratio of -8.18 and a beta of 3.19.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.05). During the same period in the prior year, the business posted ($0.19) EPS. On average, research analysts predict that Archer Aviation Inc. will post -1.28 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder N.V. Stellantis acquired 751,879 shares of the company's stock in a transaction on Wednesday, December 11th. The stock was purchased at an average cost of $6.65 per share, with a total value of $4,999,995.35. Following the acquisition, the insider now owns 60,486,841 shares of the company's stock, valued at $402,237,492.65. This trade represents a 1.26 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Adam D. Goldstein sold 805,170 shares of the company's stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the transaction, the chief executive officer now owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. The trade was a 16.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have bought 776,791 shares of company stock valued at $5,139,699 and have sold 1,812,899 shares valued at $11,601,707. Company insiders own 9.75% of the company's stock.

Hedge Funds Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently bought and sold shares of the business. HBK Investments L P acquired a new position in shares of Archer Aviation in the 3rd quarter valued at $6,818,000. Sora Investors LLC bought a new stake in Archer Aviation in the third quarter valued at about $3,429,000. Stifel Financial Corp lifted its stake in Archer Aviation by 574.5% in the third quarter. Stifel Financial Corp now owns 459,171 shares of the company's stock valued at $1,391,000 after buying an additional 391,092 shares during the period. Barclays PLC boosted its holdings in Archer Aviation by 272.7% during the third quarter. Barclays PLC now owns 427,023 shares of the company's stock worth $1,294,000 after buying an additional 312,440 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Archer Aviation by 5.6% during the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company's stock worth $15,487,000 after buying an additional 268,896 shares during 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.