Archer Aviation (NYSE:ACHR) Stock Price Up 3.6% – Should You Buy?

Shares of Archer Aviation Inc. (NYSE:ACHR) shot up 3.6% during trading on Friday . The company traded as high as $6.43 and last traded at $6.3410. 79,158,162 shares traded hands during mid-day trading, an increase of 120% from the average session volume of 36,025,969 shares. The stock had previously closed at $6.12.

Wall Street Analysts Forecast Growth

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

Archer Aviation Stock Performance

The stock has a fifty day moving average price of $5.85 and a two-hundred day moving average price of $7.14. The company has a market cap of $4.72 billion, a P/E ratio of -5.76 and a beta of 3.13. The company has a debt-to-equity ratio of 0.06, a current ratio of 18.06 and a quick ratio of 18.06.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The firm had revenue of $1.60 million during the quarter, compared to the consensus estimate of $1.66 million. During the same quarter in the previous year, the business posted ($0.17) earnings per share. On average, equities analysts forecast that Archer Aviation Inc. will post -1.51 earnings per share for the current fiscal year.

Insider Activity at Archer Aviation

In other news, insider Eric Lentell sold 48,169 shares of Archer Aviation stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $286,605.55. Following the sale, the insider owned 141,084 shares of the company’s stock, valued at approximately $839,449.80. The trade was a 25.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 9,860 shares of Archer Aviation 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 $58,667.00. Following the sale, the chief financial officer directly owned 189,050 shares in the company, valued at approximately $1,124,847.50. This trade represents a 4.96% decrease in their position. 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. In the last 90 days, insiders have 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

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Archer Aviation by 4.4% during the fourth quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock worth $411,165,000 after purchasing an additional 2,312,899 shares in the last quarter. ARK Investment Management LLC raised its holdings in Archer Aviation by 12.4% during the fourth quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company’s stock worth $264,484,000 after purchasing an additional 3,869,252 shares in the last quarter. State Street Corp raised its holdings in Archer Aviation by 11.2% during the fourth quarter. State Street Corp now owns 32,773,136 shares of the company’s stock worth $246,454,000 after purchasing an additional 3,293,130 shares in the last quarter. Morgan Stanley raised its holdings in Archer Aviation by 21.6% during the fourth quarter. Morgan Stanley now owns 15,717,522 shares of the company’s stock worth $118,196,000 after purchasing an additional 2,796,488 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Archer Aviation by 14.9% during the fourth quarter. Geode Capital Management LLC now owns 14,385,647 shares of the company’s stock worth $108,197,000 after purchasing an additional 1,867,648 shares in the last quarter. Institutional investors own 59.34% of the company’s stock.

About Archer Aviation

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.