Archer Aviation (NYSE:ACHR) Stock Price Up 4.9% – Should You Buy?

Shares of Archer Aviation Inc. (NYSE:ACHR) traded up 4.9% on Tuesday . The company traded as high as $5.71 and last traded at $5.6960. Approximately 20,348,902 shares were traded during trading, a decline of 45% from the average session volume of 36,721,305 shares. The stock had previously closed at $5.43.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ACHR. HC Wainwright reiterated a “buy” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Wells Fargo & Company set a $18.00 price target on shares of Archer Aviation in a report on Tuesday, August 11th. UBS Group restated an “overweight” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a research note on Friday, July 17th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $9.00 price objective on shares of Archer Aviation in a research report on Tuesday, August 11th. Five analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Archer Aviation currently has an average rating of “Hold” and an average target price of $11.50.

Archer Aviation Trading Down 1.6%

The company has a quick ratio of 10.21, a current ratio of 10.21 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $4.32 billion, a P/E ratio of -5.20 and a beta of 3.23. The firm’s 50-day moving average price is $5.58 and its 200 day moving average price is $5.66.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Monday, August 10th. The company reported ($0.34) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.34). The firm had revenue of $5.00 million during 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 Activity at Archer Aviation

In other news, CAO Harsh Rungta sold 13,880 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $6.41, for a total transaction of $88,970.80. Following the completion of the transaction, the chief accounting officer directly owned 110,847 shares in the company, valued at $710,529.27. The trade was a 11.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 10,015 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 $64,196.15. Following the transaction, the chief financial officer directly owned 202,784 shares of the company’s stock, valued at $1,299,845.44. The trade was a 4.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 176,657 shares of company stock worth $1,122,371. 5.55% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank bought a new position in shares of Archer Aviation during the fourth quarter valued at about $58,494,000. BNP Paribas Financial Markets raised its holdings in Archer Aviation by 423.3% in the 4th quarter. BNP Paribas Financial Markets now owns 5,126,217 shares of the company’s stock worth $38,549,000 after purchasing an additional 4,146,574 shares in the last quarter. Seven Grand Managers LLC bought a new position in Archer Aviation in the 4th quarter worth $22,560,000. Alpine Global Management LLC lifted its position in shares of Archer Aviation by 104.7% in the 4th quarter. Alpine Global Management LLC now owns 4,677,145 shares of the company’s stock worth $35,172,000 after purchasing an additional 2,392,026 shares during the period. Finally, Renaissance Technologies LLC lifted its position in shares of Archer Aviation by 703.3% in the 1st quarter. Renaissance Technologies LLC now owns 2,514,300 shares of the company’s stock worth $12,999,000 after purchasing an additional 2,201,300 shares during the period. 59.34% of the stock is currently owned by institutional investors.

About Archer Aviation

Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its aircraft are designed to transport passengers over short distances using distributed electric propulsion, with the goal of providing quieter and potentially faster alternatives to traditional ground transportation in congested urban areas.

The company’s primary aircraft is Midnight, a piloted, four-passenger eVTOL aircraft intended for commercial air taxi operations.