Archer Aviation (NYSE:ACHR) Trading 13.2% Higher – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR)’s stock price traded up 13.2% during trading on Friday . The company traded as high as $11.59 and last traded at $11.52. 107,698,455 shares traded hands during trading, an increase of 222% from the average session volume of 33,403,832 shares. The stock had previously closed at $10.18.

Analyst Upgrades and Downgrades

Several research firms recently commented on ACHR. UBS Group reaffirmed a “buy” rating on shares of Archer Aviation in a research report on Thursday, July 17th. Needham & Company LLC reaffirmed a “buy” rating and issued a $13.00 price objective on shares of Archer Aviation in a research report on Tuesday, August 12th. JPMorgan Chase & Co. boosted their price objective on shares of Archer Aviation from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, August 1st. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Archer Aviation in a research report on Thursday, July 17th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research report on Saturday, September 27th. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $13.43.

Archer Aviation Price Performance

The company’s fifty day moving average is $9.49 and its 200 day moving average is $9.52. The firm has a market cap of $7.43 billion, a price-to-earnings ratio of -8.53 and a beta of 3.06. The company has a quick ratio of 22.30, a current ratio of 22.30 and a debt-to-equity ratio of 0.05.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Monday, August 11th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.12). On average, equities research analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Activity

In other Archer Aviation news, CFO Priya Gupta sold 10,224 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $100,501.92. Following the completion of the sale, the chief financial officer owned 147,153 shares in the company, valued at $1,446,513.99. This trade represents a 6.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Tosha Perkins sold 42,775 shares of the stock in a transaction on Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $420,478.25. Following the completion of the sale, the insider owned 295,337 shares of the company’s stock, valued at approximately $2,903,162.71. This represents a 12.65% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 188,068 shares of company stock worth $1,848,708. 7.65% of the stock is owned by insiders.

Institutional Trading of Archer Aviation

Large investors have recently added to or reduced their stakes in the company. AlphaQuest LLC lifted its stake in Archer Aviation by 1,181.6% in the second quarter. AlphaQuest LLC now owns 2,576 shares of the company’s stock valued at $28,000 after acquiring an additional 2,375 shares during the last quarter. GAMMA Investing LLC lifted its stake in Archer Aviation by 219.5% in the second quarter. GAMMA Investing LLC now owns 2,946 shares of the company’s stock valued at $32,000 after acquiring an additional 2,024 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in Archer Aviation by 105.3% in the second quarter. Geneos Wealth Management Inc. now owns 3,318 shares of the company’s stock valued at $36,000 after acquiring an additional 1,702 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in Archer Aviation by 45.7% in the second quarter. Farther Finance Advisors LLC now owns 3,524 shares of the company’s stock valued at $38,000 after acquiring an additional 1,106 shares during the last quarter. Finally, Allworth Financial LP lifted its stake in Archer Aviation by 87.0% in the first quarter. Allworth Financial LP now owns 3,577 shares of the company’s stock valued at $25,000 after acquiring an additional 1,664 shares during the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

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.