Archer Aviation (NYSE:ACHR) Stock Price Up 2.2% – Still a Buy?

Shares of Archer Aviation Inc. (NYSE:ACHR) shot up 2.2% during trading on Monday . The stock traded as high as $5.96 and last traded at $5.8870. 26,010,492 shares changed hands during trading, a decline of 29% from the average session volume of 36,731,488 shares. The stock had previously closed at $5.76.

Analyst Upgrades and Downgrades

ACHR has been the subject of several research analyst reports. The Goldman Sachs Group began coverage on Archer Aviation in a report on Monday, December 1st. They issued a “neutral” rating and a $11.00 price objective for the company. Needham & Company LLC reduced their target price on Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research report on Wednesday, January 21st. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Archer Aviation in a report on Monday, November 24th. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Archer Aviation currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.00.

Archer Aviation Stock Performance

The stock’s 50-day moving average price is $7.24 and its 200-day moving average price is $8.54. The company has a current ratio of 19.89, a quick ratio of 19.89 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $4.38 billion, a P/E ratio of -5.95 and a beta of 3.10.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Monday, March 2nd. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.09). The company had revenue of $0.30 million for the quarter, compared to analyst estimates of $1.40 million. The firm’s quarterly revenue was up 29900.0% on a year-over-year basis. As a group, equities analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Activity at Archer Aviation

In other news, CAO Harsh Rungta sold 22,826 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $6.46, for a total transaction of $147,455.96. Following the sale, the chief accounting officer directly owned 65,458 shares in the company, valued at approximately $422,858.68. This represents a 25.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Eric Lentell sold 37,390 shares of the firm’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $6.46, for a total value of $241,539.40. Following the completion of the sale, the insider directly owned 139,483 shares in the company, valued at approximately $901,060.18. This trade represents a 21.14% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 380,750 shares of company stock valued at $2,645,333. 7.65% of the stock is owned by insiders.

Institutional Investors Weigh In On Archer Aviation

A number of hedge funds have recently added to or reduced their stakes in ACHR. J. Derek Lewis & Associates Inc. acquired a new position in shares of Archer Aviation during the fourth quarter valued at $293,000. Fund Advisors of America Inc FL acquired a new stake in shares of Archer Aviation in the 4th quarter worth about $178,000. World Investment Advisors increased its holdings in shares of Archer Aviation by 37.7% in the 4th quarter. World Investment Advisors now owns 19,400 shares of the company’s stock worth $146,000 after acquiring an additional 5,309 shares during the period. Corient Private Wealth LLC lifted its position in Archer Aviation by 20.9% in the 4th quarter. Corient Private Wealth LLC now owns 43,389 shares of the company’s stock valued at $327,000 after purchasing an additional 7,515 shares during the last quarter. Finally, EMC Capital Management lifted its position in Archer Aviation by 22.5% in the 4th quarter. EMC Capital Management now owns 13,600 shares of the company’s stock valued at $102,000 after purchasing an additional 2,500 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors.

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.