Archer Aviation (NYSE:ACHR) Trading Up 5% – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR) shares were up 5% during mid-day trading on Thursday . The company traded as high as $5.32 and last traded at $5.3040. Approximately 42,189,302 shares changed hands during trading, an increase of 11% from the average daily volume of 38,101,133 shares. The stock had previously closed at $5.05.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on ACHR shares. Needham & Company LLC dropped their price objective on Archer Aviation from $10.00 to $9.00 and set a “buy” rating for the company in a report on Tuesday, March 3rd. Canaccord Genuity Group dropped their price objective on Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, May 12th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a report on Monday, April 20th. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Archer Aviation currently has an average rating of “Moderate Buy” and an average target price of $11.83.

Archer Aviation Stock Performance

The business has a fifty day simple moving average of $5.97 and a two-hundred day simple moving average of $6.92. The company has a debt-to-equity ratio of 0.06, a current ratio of 18.06 and a quick ratio of 18.06. The company has a market cap of $4.03 billion, a PE ratio of -4.82 and a beta of 3.14.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Monday, May 11th. The company reported ($0.28) earnings per share 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 the consensus estimate of $1.66 million. During the same period in the prior year, the company posted ($0.17) EPS. Research analysts anticipate that Archer Aviation Inc. will post -1.47 earnings per share for the current year.

Insiders Place Their Bets

In other Archer Aviation news, CAO Harsh Rungta sold 12,414 shares of the firm’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $73,863.30. Following the completion of the transaction, the chief accounting officer owned 87,210 shares of the company’s stock, valued at approximately $518,899.50. This trade represents a 12.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 9,860 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $58,667.00. Following the completion of the transaction, the chief financial officer directly owned 189,050 shares of the company’s stock, valued at approximately $1,124,847.50. This represents a 4.96% 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. In the last quarter, insiders have sold 282,840 shares of company stock valued at $1,703,688. Corporate insiders own 7.65% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Institutional investors have recently made changes to their positions in the company. Johnson Investment Counsel Inc. purchased a new position in shares of Archer Aviation during the 3rd quarter valued at approximately $29,000. Geneos Wealth Management Inc. lifted its position in shares of Archer Aviation by 105.3% during the 2nd 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. Center for Financial Planning Inc. lifted its position in shares of Archer Aviation by 138.8% during the 3rd quarter. Center for Financial Planning Inc. now owns 3,510 shares of the company’s stock valued at $34,000 after buying an additional 2,040 shares in the last quarter. Gould Capital LLC lifted its position 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 valued at $27,000 after buying an additional 2,507 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its position in shares of Archer Aviation by 840.1% during the 4th 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. 59.34% of the stock is owned by hedge funds and other institutional investors.

About Archer Aviation

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.