Archer Aviation (NYSE:ACHR) Trading Up 3.2% – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR) shares were up 3.2% during mid-day trading on Thursday . The company traded as high as $8.10 and last traded at $7.8260. Approximately 40,631,426 shares changed hands during trading, an increase of 3% from the average daily volume of 39,569,168 shares. The stock had previously closed at $7.58.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on ACHR shares. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Archer Aviation in a research note on Monday, November 24th. The Goldman Sachs Group assumed coverage on Archer Aviation in a research report on Monday, December 1st. They issued a “neutral” rating and a $11.00 target price on the stock. Canaccord Genuity Group increased their price target on Archer Aviation from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, November 21st. Needham & Company LLC cut their price target on Archer Aviation from $13.00 to $10.00 and set a “buy” rating for the company in a report on Friday, November 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, October 8th. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Archer Aviation has a consensus rating of “Moderate Buy” and a consensus price target of $12.14.

Archer Aviation Stock Performance

The stock has a market capitalization of $5.10 billion, a PE ratio of -6.21 and a beta of 3.10. The business’s 50 day moving average is $9.37 and its 200 day moving average is $9.86. 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 posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.20) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.20). On average, equities research analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Archer Aviation news, CTO Thomas Paul Muniz sold 90,648 shares of the company’s stock in a transaction on Monday, November 17th. The stock was sold at an average price of $7.49, for a total value of $678,953.52. Following the transaction, the chief technology officer owned 1,397,129 shares of the company’s stock, valued at $10,464,496.21. This represents a 6.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Eric Lentell sold 41,490 shares of the stock in a transaction on Monday, November 17th. The stock was sold at an average price of $7.49, for a total value of $310,760.10. Following the completion of the sale, the insider owned 83,733 shares in the company, valued at approximately $627,160.17. The trade was a 33.13% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 182,635 shares of company stock valued at $1,367,936. Corporate insiders own 7.65% of the company’s stock.

Institutional Trading of Archer Aviation

A number of large investors have recently made changes to their positions in ACHR. Vanguard Group Inc. increased its stake in Archer Aviation by 45.8% in the 3rd quarter. Vanguard Group Inc. now owns 52,363,259 shares of the company’s stock worth $501,640,000 after buying an additional 16,452,398 shares during the period. ARK Investment Management LLC grew its stake in Archer Aviation by 5.8% in the 3rd quarter. ARK Investment Management LLC now owns 31,301,449 shares of the company’s stock worth $299,868,000 after acquiring an additional 1,715,945 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Archer Aviation by 44.1% during the second quarter. Geode Capital Management LLC now owns 11,991,714 shares of the company’s stock worth $130,125,000 after acquiring an additional 3,671,753 shares during the period. Alpine Global Management LLC increased its position in shares of Archer Aviation by 16.7% during the first quarter. Alpine Global Management LLC now owns 4,301,402 shares of the company’s stock worth $30,583,000 after acquiring an additional 615,481 shares during the period. Finally, Man Group plc raised its stake in shares of Archer Aviation by 13,793.3% during the second quarter. Man Group plc now owns 4,212,722 shares of the company’s stock valued at $45,708,000 after acquiring an additional 4,182,400 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.