Archer Aviation (NYSE:ACHR) Stock Jumps 2.7% – Should You Buy?

Archer Aviation Inc. (NYSE:ACHR)’s share price was up 2.7% on Wednesday. The stock traded as high as $4.35 and last traded at $4.3450. Approximately 21,896,634 shares changed hands during trading, a decline of 37% from the average session volume of 35,009,223 shares. The stock had previously closed at $4.23.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research report on Thursday, October 15th. Wells Fargo & Company set a $18.00 price target on Archer Aviation in a report on Tuesday, August 11th. HC Wainwright restated a “buy” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. UBS Group reiterated an “overweight” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $11.00 price target on shares of Archer Aviation in a report on Tuesday, August 11th. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $11.00.

Archer Aviation Trading Down 4.1%

The company has a current ratio of 10.21, a quick ratio of 10.21 and a debt-to-equity ratio of 0.06. The stock has a 50-day simple moving average of $5.10 and a 200 day simple moving average of $5.87. The company has a market cap of $3.23 billion, a price-to-earnings ratio of -3.89 and a beta of 3.27.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.34) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.34). The firm had revenue of $5.00 million during the quarter, compared to analyst estimates of $1.94 million. As a group, equities research analysts predict that Archer Aviation Inc. will post -1.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Priya Gupta sold 10,015 shares of the firm’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $6.41, for a total value of $64,196.15. Following the sale, the chief financial officer directly owned 202,784 shares in the company, valued at approximately $1,299,845.44. This trade represents a 4.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Harsh Rungta sold 13,880 shares of the 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. This trade represents a 11.13% decrease in their ownership of the stock. 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. Insiders sold a total of 176,657 shares of company stock worth $1,122,371 over the last 90 days. Corporate insiders own 5.55% of the company’s stock.

Institutional Trading of Archer Aviation

Hedge funds have recently bought and sold shares of the company. Bank of America Corp DE grew its holdings in shares of Archer Aviation by 33.2% in the 1st quarter. Bank of America Corp DE now owns 2,136,942 shares of the company’s stock worth $11,048,000 after acquiring an additional 532,762 shares during the last quarter. California State Teachers Retirement System increased its stake in shares of Archer Aviation by 21.0% in the first quarter. California State Teachers Retirement System now owns 716,066 shares of the company’s stock worth $3,702,000 after acquiring an additional 124,052 shares during the last quarter. SummitTX Capital L.P. purchased a new stake in shares of Archer Aviation during the 1st quarter worth about $709,000. Fifth Third Bancorp raised its position in Archer Aviation by 4,133.1% during the first quarter. Fifth Third Bancorp now owns 142,868 shares of the company’s stock valued at $739,000 after acquiring an additional 139,493 shares in the last quarter. Finally, Odyssean LLC grew its position in Archer Aviation by 707.0% in the second quarter. Odyssean LLC now owns 260,940 shares of the company’s stock worth $1,234,000 after acquiring an additional 228,606 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

Archer Aviation Company Profile

Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its aircraft are designed to operate like helicopters for takeoff and landing while using distributed electric propulsion for quieter, lower-emission regional transportation.

The company’s primary aircraft program is Midnight, a piloted, four-passenger eVTOL aircraft intended for short urban and regional trips. Archer has also developed Maker, a technology demonstrator used to test its electric propulsion, flight-control and other aircraft systems.