Archer Aviation (NYSE:ACHR) Stock Price Up 4% – Time to Buy?

Archer Aviation Inc. (NYSE:ACHR) shares shot up 4% on Thursday . The stock traded as high as $5.59 and last traded at $5.5750. Approximately 40,861,508 shares changed hands during mid-day trading, an increase of 6% from the average session volume of 38,487,383 shares. The stock had previously closed at $5.36.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a report on Monday, April 20th. Needham & Company LLC dropped their price objective on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a report on Tuesday, March 3rd. Finally, Canaccord Genuity Group cut their target price on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, May 12th. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Archer Aviation presently has a consensus rating of “Moderate Buy” and an average price target of $11.83.

Archer Aviation Stock Performance

The stock has a 50 day moving average price of $5.97 and a two-hundred day moving average price of $6.85. The company has a debt-to-equity ratio of 0.06, a current ratio of 18.06 and a quick ratio of 18.06. The company has a market capitalization of $4.23 billion, a price-to-earnings ratio of -5.07 and a beta of 3.14.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.28) earnings per share (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 analyst estimates of $1.66 million. During the same quarter last year, the business posted ($0.17) EPS. On average, analysts predict that Archer Aviation Inc. will post -1.47 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In related news, CTO Thomas Paul Muniz sold 91,839 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $546,442.05. Following the completion of the transaction, the chief technology officer owned 1,462,314 shares in the company, valued at $8,700,768.30. The trade was a 5.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Harsh Rungta sold 12,414 shares of the stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $73,863.30. Following the completion of the transaction, the chief accounting officer owned 87,210 shares in the company, valued at $518,899.50. The trade was a 12.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 250,743 shares of company stock valued at $1,497,672 over the last three months. 5.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

Institutional investors and hedge funds have recently made changes to their positions in the company. Geneos Wealth Management Inc. increased its position in Archer Aviation by 105.3% in the second quarter. Geneos Wealth Management Inc. now owns 3,318 shares of the company’s stock worth $36,000 after purchasing an additional 1,702 shares during the period. Gould Capital LLC boosted its stake in shares of Archer Aviation by 238.1% in the 4th quarter. Gould Capital LLC now owns 3,560 shares of the company’s stock valued at $27,000 after purchasing an additional 2,507 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in shares of Archer Aviation by 840.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company’s stock valued at $28,000 after purchasing an additional 3,335 shares during the last quarter. Strs Ohio acquired a new stake in shares of Archer Aviation during the 1st quarter worth approximately $27,000. Finally, Modus Advisors LLC acquired a new stake in shares of Archer Aviation during the 4th quarter worth approximately $29,000. Institutional investors 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.