Archer Aviation (NYSE:ACHR) Trading Up 5.8% – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR)’s share price rose 5.8% during trading on Thursday . The company traded as high as $6.14 and last traded at $6.1150. Approximately 63,907,968 shares were traded during trading, an increase of 80% from the average daily volume of 35,582,531 shares. The stock had previously closed at $5.78.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Needham & Company LLC reduced their target price on shares of 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 reissued a “sell (d-)” rating on shares of Archer Aviation in a research report on Monday, April 20th. Finally, Canaccord Genuity Group reduced their price objective on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, May 12th. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Archer Aviation currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.83.

Archer Aviation Price Performance

The company has a 50 day moving average of $5.85 and a 200 day moving average of $7.13. The stock has a market capitalization of $4.82 billion, a price-to-earnings ratio of -5.76 and a beta of 3.13. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.06.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The business had revenue of $1.60 million during the quarter, compared to analysts’ expectations of $1.66 million. During the same quarter last year, the firm posted ($0.17) earnings per share. As a group, equities research analysts forecast that Archer Aviation Inc. will post -1.51 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In other Archer Aviation news, insider Tosha Perkins sold 54,786 shares of Archer Aviation stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $6.46, for a total value of $353,917.56. Following the transaction, the insider owned 377,022 shares in the company, valued at $2,435,562.12. This trade represents a 12.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Harsh Rungta sold 22,826 shares of the company’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $6.46, for a total value of $147,455.96. Following the sale, the chief accounting officer owned 65,458 shares of the company’s stock, valued at approximately $422,858.68. The trade was a 25.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 502,739 shares of company stock worth $3,124,236. Company insiders own 7.65% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of large investors have recently modified their holdings of the company. Gould Capital LLC grew its holdings in shares of Archer Aviation by 238.1% during the 4th quarter. Gould Capital LLC now owns 3,560 shares of the company’s stock worth $27,000 after purchasing an additional 2,507 shares during the period. Strs Ohio purchased a new position in Archer Aviation in the first quarter valued at approximately $27,000. Caitong International Asset Management Co. Ltd lifted its position in Archer Aviation by 840.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,732 shares of the company’s stock valued at $28,000 after buying an additional 3,335 shares in the last quarter. Johnson Investment Counsel Inc. purchased a new stake in Archer Aviation during the third quarter worth approximately $29,000. Finally, Modus Advisors LLC purchased a new stake in Archer Aviation during the fourth quarter worth approximately $29,000. 59.34% of the stock is currently owned by hedge funds and other 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.