Archer Aviation (NYSE:ACHR) Trading 3.8% Higher – Should You Buy?

Shares of Archer Aviation Inc. (NYSE:ACHR) traded up 3.8% during mid-day trading on Friday . The stock traded as high as $6.53 and last traded at $6.32. Approximately 32,711,150 shares traded hands during trading, a decline of 15% from the average session volume of 38,343,730 shares. The stock had previously closed at $6.09.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on ACHR shares. HC Wainwright reissued a “buy” rating on shares of Archer Aviation in a report on Tuesday, August 11th. Canaccord Genuity Group lowered 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 report on Tuesday, May 12th. Barclays raised shares of Archer Aviation to a “hold” rating in a report on Wednesday, July 29th. UBS Group restated an “overweight” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Finally, Wells Fargo & Company set a $18.00 target price on Archer Aviation in a report on Tuesday, August 11th. Five research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $11.50.

Archer Aviation Price Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 10.21 and a current ratio of 10.21. The firm has a market capitalization of $4.87 billion, a P/E ratio of -5.85 and a beta of 3.20. The business has a fifty day moving average of $5.28 and a 200-day moving average of $5.89.

Archer Aviation (NYSE:ACHR) last released its earnings results on Monday, August 10th. The company reported ($0.34) EPS for the quarter, meeting the consensus estimate of ($0.34). The company had revenue of $5.00 million for the quarter, compared to analyst estimates of $1.94 million. On average, sell-side analysts forecast that Archer Aviation Inc. will post -1.4 EPS for the current fiscal year.

Insider Transactions at Archer Aviation

In other news, CAO Harsh Rungta sold 13,880 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $6.41, for a total value of $88,970.80. Following the completion of the sale, the chief accounting officer owned 110,847 shares in the company, valued at $710,529.27. This represents a 11.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 10,015 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.41, for a total value of $64,196.15. Following the sale, the chief financial officer owned 202,784 shares of the company’s stock, valued at $1,299,845.44. The trade was a 4.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 80,411 shares of company stock valued at $510,141 in the last three months. 5.55% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Seven Grand Managers LLC bought a new position in Archer Aviation in the 4th quarter valued at $22,560,000. Norges Bank bought a new stake in shares of Archer Aviation during the fourth quarter worth $58,494,000. California State Teachers Retirement System lifted its stake in shares of Archer Aviation by 21.0% during the first quarter. California State Teachers Retirement System now owns 716,066 shares of the company’s stock valued at $3,702,000 after acquiring an additional 124,052 shares during the period. Vanguard Group Inc. boosted its holdings in Archer Aviation by 4.4% in the fourth quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock valued at $411,165,000 after acquiring an additional 2,312,899 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Archer Aviation by 14.9% in 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 during the period. 59.34% of the stock is owned by institutional investors and hedge funds.

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.