Archer Aviation (NYSE:ACHR) Trading Up 8.9% – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR)’s stock price rose 8.9% during trading on Wednesday . The stock traded as high as $8.35 and last traded at $8.3310. Approximately 47,423,830 shares were traded during trading, an increase of 20% from the average daily volume of 39,581,391 shares. The stock had previously closed at $7.65.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on ACHR shares. Canaccord Genuity Group upped their price target on Archer Aviation from $12.00 to $13.00 and gave the company a “buy” rating in a report on Friday, November 21st. Cantor Fitzgerald restated an “overweight” rating on shares of Archer Aviation in a research note on Monday, November 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, October 8th. JPMorgan Chase & Co. reduced their target price on Archer Aviation from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Friday, November 7th. Finally, HC Wainwright reissued a “buy” rating and set a $18.00 price target on shares of Archer Aviation in a report on Tuesday, August 12th. Seven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $12.50.

Archer Aviation Trading Up 8.9%

The firm has a market capitalization of $5.43 billion, a P/E ratio of -6.61 and a beta of 3.10. The company has a current ratio of 18.19, a quick ratio of 18.19 and a debt-to-equity ratio of 0.05. The business has a 50 day moving average of $9.89 and a 200-day moving average of $10.04.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.20) EPS for the quarter, hitting analysts’ consensus estimates of ($0.20). Analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Priya Gupta sold 5,479 shares of the stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $7.49, for a total transaction of $41,037.71. Following the sale, the chief financial officer owned 161,523 shares of the company’s stock, valued at $1,209,807.27. This represents a 3.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Eric Lentell sold 41,490 shares of the business’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $7.49, for a total value of $310,760.10. Following the completion of the transaction, the insider directly owned 83,733 shares of the company’s stock, valued at approximately $627,160.17. This trade represents a 33.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 182,635 shares of company stock worth $1,367,936 in the last three months. 7.65% of the stock is owned by corporate insiders.

Institutional Trading of Archer Aviation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ACHR. AlphaQuest LLC boosted its holdings in shares of Archer Aviation by 1,181.6% during the 2nd quarter. AlphaQuest LLC now owns 2,576 shares of the company’s stock worth $28,000 after buying an additional 2,375 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Archer Aviation by 219.5% during the second quarter. GAMMA Investing LLC now owns 2,946 shares of the company’s stock worth $32,000 after acquiring an additional 2,024 shares in the last quarter. Johnson Investment Counsel Inc. purchased a new stake in Archer Aviation in the 3rd quarter valued at $29,000. Bank of Jackson Hole Trust grew its position in Archer Aviation by 45.9% in the 3rd quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock worth $30,000 after purchasing an additional 986 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its stake in Archer Aviation by 105.3% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,318 shares of the company’s stock valued at $36,000 after buying an additional 1,702 shares during the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

About Archer Aviation

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.