Archer Aviation (NYSE:ACHR) Shares Up 4.1% – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR)’s stock price traded up 4.1% during mid-day trading on Monday . The stock traded as high as $9.18 and last traded at $9.08. 10,015,335 shares traded hands during trading, a decline of 47% from the average session volume of 19,033,899 shares. The stock had previously closed at $8.72.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Cantor Fitzgerald increased their price objective on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. HC Wainwright reissued a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a report on Friday, February 28th. JPMorgan Chase & Co. cut shares of Archer Aviation from an “overweight” rating to a “neutral” rating and upped their target price for the company from $6.00 to $9.00 in a report on Friday, January 10th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Finally, Needham & Company LLC upped their price objective on shares of Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Archer Aviation has an average rating of “Moderate Buy” and a consensus price target of $11.61.

Archer Aviation Stock Up 3.2 %

The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The firm’s 50 day moving average price is $8.80 and its two-hundred day moving average price is $6.72. The firm has a market cap of $4.88 billion, a price-to-earnings ratio of -6.82 and a beta of 3.14.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.10. As a group, sell-side analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In related news, CTO Thomas Paul Muniz sold 50,000 shares of the company’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $12.00, for a total transaction of $600,000.00. Following the transaction, the chief technology officer now owns 1,070,360 shares of the company’s stock, valued at $12,844,320. This represents a 4.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Mark Mesler sold 62,258 shares of the firm’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $479,386.60. Following the completion of the sale, the chief financial officer now directly owns 630,243 shares of the company’s stock, valued at approximately $4,852,871.10. This trade represents a 8.99 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 303,985 shares of company stock valued at $2,555,685. 9.75% of the stock is owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

A number of large investors have recently made changes to their positions in ACHR. Barclays PLC increased its holdings in Archer Aviation by 272.7% in the third quarter. Barclays PLC now owns 427,023 shares of the company’s stock valued at $1,294,000 after buying an additional 312,440 shares in the last quarter. Private Advisor Group LLC grew its holdings in shares of Archer Aviation by 253.4% in the 4th quarter. Private Advisor Group LLC now owns 51,376 shares of the company’s stock worth $501,000 after acquiring an additional 36,840 shares during the period. HBK Investments L P purchased a new position in Archer Aviation in the 3rd quarter valued at approximately $6,818,000. Charles Schwab Investment Management Inc. raised its holdings in Archer Aviation by 24.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,277,530 shares of the company’s stock worth $22,206,000 after purchasing an additional 446,864 shares during the last quarter. Finally, ARK Investment Management LLC grew its holdings in Archer Aviation by 27.1% in the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock valued at $291,643,000 after purchasing an additional 6,371,647 shares during the last quarter. Hedge funds and other institutional investors own 59.34% of the company’s stock.

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.