Archer Aviation (NYSE:ACHR) Trading 6.9% Higher – Should You Buy?

Archer Aviation Inc. (NYSE:ACHR) rose 6.9% on Friday . The stock traded as high as $5.60 and last traded at $5.5920. 33,947,150 shares traded hands during trading, a decline of 9% from the average session volume of 37,352,359 shares. The stock had previously closed at $5.23.

Wall Street Analyst Weigh In

ACHR has been the topic of several recent research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a report on Friday, July 17th. Canaccord Genuity Group dropped their price objective 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. Finally, Barclays upgraded shares of Archer Aviation to a “hold” rating in a research report on Wednesday, July 29th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $11.83.

Archer Aviation Stock Up 6.9%

The company has a 50-day simple moving average of $5.18 and a 200-day simple moving average of $6.01. The firm has a market cap of $4.25 billion, a PE ratio of -5.08 and a beta of 3.20. 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 earnings results on Monday, May 11th. The company reported ($0.28) EPS 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 analysts’ expectations of $1.66 million. During the same quarter last year, the company posted ($0.17) earnings per share. Analysts expect that Archer Aviation Inc. will post -1.4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Archer Aviation news, CFO Priya Gupta sold 9,860 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $58,667.00. Following the sale, the chief financial officer owned 189,050 shares in the company, valued at $1,124,847.50. This trade represents a 4.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 Archer Aviation stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total value of $73,863.30. Following the sale, the chief accounting officer owned 87,210 shares of the company’s stock, valued at approximately $518,899.50. This trade represents a 12.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 250,743 shares of company stock worth $1,497,672. Insiders own 5.55% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in Archer Aviation in the fourth quarter worth approximately $58,494,000. Man Group plc lifted its holdings in shares of Archer Aviation by 13,793.3% in the 2nd quarter. Man Group plc now owns 4,212,722 shares of the company’s stock worth $45,708,000 after buying an additional 4,182,400 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of Archer Aviation by 423.3% in the 4th quarter. BNP Paribas Financial Markets now owns 5,126,217 shares of the company’s stock worth $38,549,000 after buying an additional 4,146,574 shares during the period. ARK Investment Management LLC grew its position in shares of Archer Aviation by 12.4% during the 4th quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company’s stock worth $264,484,000 after buying an additional 3,869,252 shares in the last quarter. Finally, State Street Corp grew its position in shares of Archer Aviation by 11.2% during the 4th quarter. State Street Corp now owns 32,773,136 shares of the company’s stock worth $246,454,000 after buying an additional 3,293,130 shares in the last quarter. 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.