Archer Aviation (NYSE:ACHR) Shares Up 4% - Time to Buy?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price rose 4% during mid-day trading on Thursday . The stock traded as high as $8.52 and last traded at $8.37. Approximately 8,272,446 shares changed hands during trading, a decline of 71% from the average daily volume of 28,397,365 shares. The stock had previously closed at $8.05.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on ACHR shares. HC Wainwright reiterated a "buy" rating and set a $12.50 price target on shares of Archer Aviation in a report on Friday, February 28th. Canaccord Genuity Group lifted their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a research note on Friday, February 28th. Needham & Company LLC reissued a "buy" rating and set a $13.00 price target on shares of Archer Aviation in a research note on Monday, April 21st. JPMorgan Chase & Co. downgraded Archer Aviation from an "overweight" rating to a "neutral" rating and lifted their price objective for the company from $6.00 to $9.00 in a research report on Friday, January 10th. Finally, Raymond James increased their target price on Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research report on Friday, February 21st. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $11.61.

Archer Aviation Stock Performance

The stock has a market cap of $4.66 billion, a PE ratio of -6.51 and a beta of 3.16. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The stock has a 50-day simple moving average of $7.73 and a 200-day simple moving average of $7.47.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings data 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. Equities analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Archer Aviation news, CTO Thomas Paul Muniz sold 99,224 shares of the business's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $764,024.80. Following the transaction, the chief technology officer now owns 1,131,443 shares in the company, valued at $8,712,111.10. The trade was a 8.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Mark Mesler sold 62,258 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $479,386.60. Following the completion of the sale, the chief financial officer now owns 630,243 shares of the company's stock, valued at approximately $4,852,871.10. This trade represents a 8.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 424,780 shares of company stock worth $3,158,081 over the last ninety days. 9.75% of the stock is owned by company insiders.

Institutional Trading of Archer Aviation

A number of hedge funds have recently made changes to their positions in ACHR. EP Wealth Advisors LLC grew its holdings in Archer Aviation by 6.7% during the 4th quarter. EP Wealth Advisors LLC now owns 16,000 shares of the company's stock valued at $156,000 after purchasing an additional 1,000 shares in the last quarter. Harbour Investments Inc. grew its stake in shares of Archer Aviation by 54.7% during the fourth 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 in the last quarter. Anchor Investment Management LLC grew its stake in shares of Archer Aviation by 58.3% during the fourth 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 in the last quarter. Sanctuary Advisors LLC increased its position in shares of Archer Aviation by 4.7% during the fourth quarter. Sanctuary Advisors LLC now owns 27,740 shares of the company's stock worth $257,000 after acquiring an additional 1,246 shares during the last quarter. Finally, Xponance Inc. lifted its stake in shares of Archer Aviation by 8.5% in the fourth quarter. Xponance Inc. now owns 16,600 shares of the company's stock worth $162,000 after acquiring an additional 1,299 shares in the last quarter. Hedge funds and other 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.