Archer Aviation (NYSE:ACHR) Trading Up 3.9% – Time to Buy?

Shares of Archer Aviation Inc. (NYSE:ACHR) traded up 3.9% during trading on Monday . The company traded as high as $4.99 and last traded at $4.9550. Approximately 29,964,934 shares were traded during mid-day trading, a decline of 21% from the average daily volume of 37,933,492 shares. The stock had previously closed at $4.77.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Canaccord Genuity Group reduced their price target 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research report on Friday, July 17th. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $11.83.

Archer Aviation Price Performance

The stock has a market cap of $3.51 billion, a P/E ratio of -4.20 and a beta of 3.19. The company’s 50 day moving average price is $5.41 and its 200-day moving average price is $6.21. 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 data on Monday, May 11th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The company had revenue of $1.60 million for the quarter, compared to the consensus estimate of $1.66 million. During the same quarter last year, the company posted ($0.17) earnings per share. As a group, sell-side analysts expect that Archer Aviation Inc. will post -1.4 earnings per share for the current year.

Insider Buying and Selling

In other Archer Aviation news, CFO Priya Gupta sold 9,860 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $58,667.00. Following the completion of the sale, the chief financial officer 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. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Harsh Rungta sold 12,414 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $73,863.30. Following the transaction, the chief accounting officer owned 87,210 shares of the company’s stock, valued at approximately $518,899.50. The trade was a 12.46% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 250,743 shares of company stock valued at $1,497,672. Insiders own 5.55% of the company’s stock.

Institutional Trading of Archer Aviation

A number of large investors have recently bought and sold shares of the business. Seven Grand Managers LLC purchased a new stake in Archer Aviation in the 4th quarter valued at $22,560,000. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Archer Aviation by 21.6% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,914,191 shares of the company’s stock worth $59,515,000 after acquiring an additional 1,407,775 shares during the last quarter. Norges Bank bought a new stake in shares of Archer Aviation in the 4th quarter worth $58,494,000. Vanguard Group Inc. grew its stake in shares of Archer Aviation by 4.4% in the 4th quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock worth $411,165,000 after acquiring an additional 2,312,899 shares in the last quarter. Finally, Generali Powszechne Towarzystwo Emerytalne purchased a new stake in shares of Archer Aviation in the fourth quarter valued at about $7,520,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.