Archer Aviation (NYSE:ACHR) Shares Up 6.8% – Still a Buy?

Shares of Archer Aviation Inc. (NYSE:ACHR) shot up 6.8% during trading on Thursday . The company traded as high as $9.06 and last traded at $8.92. 66,765,542 shares traded hands during mid-day trading, an increase of 68% from the average session volume of 39,699,777 shares. The stock had previously closed at $8.35.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Canaccord Genuity Group boosted their target price on shares of Archer Aviation from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, November 21st. Cantor Fitzgerald reiterated an “overweight” rating on shares of Archer Aviation in a research note on Monday, November 24th. JPMorgan Chase & Co. cut their target price on Archer Aviation from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, November 7th. HC Wainwright restated a “buy” rating and issued a $18.00 target price on shares of Archer Aviation in a research note on Tuesday, August 12th. Finally, Needham & Company LLC lowered their price target on Archer Aviation from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Friday, November 7th. Seven 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 data from MarketBeat, Archer Aviation has an average rating of “Moderate Buy” and a consensus target price of $12.50.

Archer Aviation Price Performance

The firm has a 50-day simple moving average of $9.86 and a two-hundred day simple moving average of $10.03. The company has a market capitalization of $5.81 billion, a price-to-earnings ratio of -7.08 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.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.20). As a group, analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Priya Gupta sold 5,479 shares of the business’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $7.49, for a total value of $41,037.71. Following the completion of the transaction, the chief financial officer directly owned 161,523 shares in the company, valued at $1,209,807.27. The trade was a 3.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Thomas Paul Muniz sold 90,648 shares of the firm’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $7.49, for a total transaction of $678,953.52. Following the sale, the chief technology officer owned 1,397,129 shares in the company, valued at approximately $10,464,496.21. This represents a 6.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 182,635 shares of company stock valued at $1,367,936. Insiders own 7.65% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Hedge funds have recently modified their holdings of the company. AlphaQuest LLC grew its position 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 valued at $28,000 after acquiring an additional 2,375 shares during the period. GAMMA Investing LLC boosted its position in 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 purchasing an additional 2,024 shares in the last quarter. Johnson Investment Counsel Inc. acquired a new stake in Archer Aviation in the third quarter valued at approximately $29,000. Bank of Jackson Hole Trust increased its position in shares of Archer Aviation by 45.9% in the third quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock valued at $30,000 after buying an additional 986 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its position in shares of Archer Aviation by 105.3% in the second 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 in the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.