Archer Aviation (NYSE:ACHR) Trading 3.8% Higher – Still a Buy?

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

Analyst Ratings Changes

ACHR has been the topic of several research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research report on Friday, July 17th. Barclays upgraded shares of Archer Aviation to a “hold” rating in a research note on Wednesday, July 29th. Wells Fargo & Company set a $18.00 target price on Archer Aviation in a research report on Tuesday, August 11th. UBS Group restated an “overweight” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Finally, Canaccord Genuity Group cut their price target on Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, May 12th. Five analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $11.50.

Archer Aviation Stock Up 3.8%

The stock has a market capitalization of $4.87 billion, a P/E ratio of -5.85 and a beta of 3.20. The firm’s fifty day moving average is $5.30 and its 200-day moving average is $5.89. The company has a current ratio of 10.21, a quick ratio of 10.21 and a debt-to-equity ratio of 0.06.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Monday, August 10th. The company reported ($0.34) EPS for the quarter, hitting analysts’ consensus estimates of ($0.34). The business had revenue of $5.00 million for the quarter, compared to the consensus estimate of $1.94 million. As a group, equities research analysts predict that Archer Aviation Inc. will post -1.37 earnings per share for the current year.

Insider Transactions at Archer Aviation

In related news, insider Eric Lentell sold 100,000 shares of Archer Aviation stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $6.31, for a total transaction of $631,000.00. Following the completion of the sale, the insider directly owned 85,011 shares of the company’s stock, valued at $536,419.41. The trade was a 54.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Harsh Rungta sold 13,880 shares of the business’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 $88,970.80. Following the transaction, the chief accounting officer owned 110,847 shares of the company’s stock, valued at $710,529.27. The trade was a 11.13% 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 180,411 shares of company stock worth $1,141,141 in the last quarter. 5.55% of the stock is owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of 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. ARK Investment Management LLC boosted its position 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 valued at $264,484,000 after purchasing an additional 3,869,252 shares during the last quarter. State Street Corp grew its stake in Archer Aviation by 11.2% in the fourth quarter. State Street Corp now owns 32,773,136 shares of the company’s stock valued at $246,454,000 after purchasing an additional 3,293,130 shares in the last quarter. Morgan Stanley grew its stake in Archer Aviation by 21.6% in the fourth quarter. Morgan Stanley now owns 15,717,522 shares of the company’s stock valued at $118,196,000 after purchasing an additional 2,796,488 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake 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 valued at $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.

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.