Archer Aviation (NYSE:ACHR) Trading 10.4% Higher – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR) was up 10.4% during mid-day trading on Tuesday . The stock traded as high as $11.84 and last traded at $11.43. Approximately 39,278,472 shares traded hands during mid-day trading, an increase of 24% from the average daily volume of 31,605,545 shares. The stock had previously closed at $10.35.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on ACHR shares. Deutsche Bank Aktiengesellschaft increased their price target on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. HC Wainwright reiterated a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research note on Monday, December 16th. Canaccord Genuity Group reduced their price target on shares of Archer Aviation from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Wednesday, February 12th. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price objective on shares of Archer Aviation in a research report on Thursday, January 16th. Finally, Cantor Fitzgerald raised their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Archer Aviation currently has an average rating of “Moderate Buy” and an average target price of $11.25.

Archer Aviation Stock Performance

The business’s 50-day moving average is $9.65 and its 200 day moving average is $6.05. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The company has a market cap of $4.31 billion, a PE ratio of -7.69 and a beta of 3.13.

Insider Activity at Archer Aviation

In other news, CTO Thomas Paul Muniz sold 438,428 shares of the company’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $7.59, for a total transaction of $3,327,668.52. Following the completion of the transaction, the chief technology officer now directly owns 1,170,360 shares of the company’s stock, valued at approximately $8,883,032.40. This represents a 27.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Deborah Diaz bought 5,150 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was acquired at an average cost of $7.48 per share, for a total transaction of $38,522.00. Following the completion of the purchase, the director now directly owns 98,886 shares of the company’s stock, valued at $739,667.28. The trade was a 5.49 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 1,057,729 shares of company stock worth $8,473,770 in the last ninety days. 9.75% of the stock is owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

Institutional investors and hedge funds have recently bought and sold shares of the business. ARK Investment Management LLC lifted its stake in Archer Aviation by 27.1% in the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock worth $291,643,000 after acquiring an additional 6,371,647 shares during the period. Renaissance Technologies LLC purchased a new position in shares of Archer Aviation in the 4th quarter valued at approximately $42,709,000. Alyeska Investment Group L.P. boosted its position in shares of Archer Aviation by 158.3% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company’s stock valued at $48,748,000 after purchasing an additional 3,064,280 shares in the last quarter. Two Sigma Investments LP grew its stake in Archer Aviation by 3,166.8% in the fourth quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company’s stock worth $29,377,000 after purchasing an additional 2,920,752 shares during the period. Finally, Vanguard Group Inc. raised its holdings in Archer Aviation by 21.4% in the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company’s stock worth $160,682,000 after purchasing an additional 2,908,859 shares in the last quarter. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Archer Aviation Company Profile

Archer Aviation Inc, together with its subsidiaries, engages in designs, develops, and operates electric vertical takeoff and landing aircraft for use in urban air mobility. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc The company is headquartered in San Jose, California.