Archer Aviation (NYSE:ACHR) Trading 2.2% Higher – Time to Buy?

Shares of Archer Aviation Inc. (NYSE:ACHR) rose 2.2% during trading on Tuesday . The stock traded as high as $6.77 and last traded at $6.50. Approximately 74,952,776 shares traded hands during trading, an increase of 106% from the average daily volume of 36,423,930 shares. The stock had previously closed at $6.36.

Analysts Set New Price Targets

ACHR has been the subject of several analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a research report on Monday, April 20th. Canaccord Genuity Group decreased their price target on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, May 12th. Finally, Needham & Company LLC decreased their price target on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Archer Aviation has a consensus rating of “Moderate Buy” and a consensus price target of $11.83.

Archer Aviation Stock Up 2.2%

The stock has a market capitalization of $4.94 billion, a PE ratio of -5.91 and a beta of 3.13. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.06. The company’s 50-day moving average is $5.85 and its 200 day moving average is $7.09.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The company had revenue of $1.60 million for the quarter, compared to analysts’ expectations of $1.66 million. During the same period in the prior year, the firm earned ($0.17) earnings per share. As a group, analysts anticipate that Archer Aviation Inc. will post -1.51 EPS for the current year.

Insider Activity at Archer Aviation

In other Archer Aviation news, CAO Harsh Rungta sold 22,826 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $6.46, for a total transaction of $147,455.96. Following the completion of the transaction, the chief accounting officer directly owned 65,458 shares of the company’s stock, valued at approximately $422,858.68. This trade represents a 25.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Tosha Perkins sold 54,786 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $6.46, for a total transaction of $353,917.56. Following the sale, the insider directly owned 377,022 shares in the company, valued at $2,435,562.12. The trade was a 12.69% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 502,739 shares of company stock valued at $3,124,236. Company insiders own 7.65% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

A number of hedge funds and other institutional investors have recently made changes to their positions in ACHR. Gould Capital LLC grew its stake in shares of Archer Aviation by 238.1% during the 4th quarter. Gould Capital LLC now owns 3,560 shares of the company’s stock worth $27,000 after purchasing an additional 2,507 shares during the period. Strs Ohio acquired a new stake in shares of Archer Aviation during the 1st quarter worth approximately $27,000. Caitong International Asset Management Co. Ltd grew its stake in shares of Archer Aviation by 840.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company’s stock worth $28,000 after purchasing an additional 3,335 shares during the period. Johnson Investment Counsel Inc. acquired a new stake in shares of Archer Aviation during the 3rd quarter worth approximately $29,000. Finally, Modus Advisors LLC acquired a new stake in shares of Archer Aviation during the 4th quarter worth approximately $29,000. Institutional investors and hedge funds own 59.34% of the company’s stock.

Archer Aviation Company Profile

Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.