Archer Aviation (NYSE:ACHR) Trading 1.2% Higher – Should You Buy?

Archer Aviation Inc. (NYSE:ACHR) shares were up 1.2% on Wednesday . The company traded as high as $9.58 and last traded at $9.41. Approximately 14,101,431 shares traded hands during mid-day trading, a decline of 52% from the average daily volume of 29,196,479 shares. The stock had previously closed at $9.29.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Canaccord Genuity Group decreased their price target on shares of Archer Aviation from $14.00 to $13.00 and set a “buy” rating for the company in a report on Wednesday. HC Wainwright reissued a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research note on Monday, December 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 price target on shares of Archer Aviation in a research note on Thursday, January 16th. Cantor Fitzgerald lifted their price objective on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $11.25.

Archer Aviation Stock Performance

The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The company has a market cap of $3.95 billion, a P/E ratio of -7.07 and a beta of 3.13. The firm has a 50 day moving average price of $9.30 and a 200-day moving average price of $5.79.

Insiders Place Their Bets

In other news, CTO Thomas Paul Muniz sold 50,000 shares of the company’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total transaction of $600,000.00. Following the completion of the transaction, the chief technology officer now owns 1,070,360 shares of the company’s stock, valued at approximately $12,844,320. This represents a 4.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Adam D. Goldstein bought 19,762 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were purchased at an average cost of $5.12 per share, for a total transaction of $101,181.44. Following the completion of the transaction, the chief executive officer now owns 2,014,890 shares of the company’s stock, valued at $10,316,236.80. This represents a 0.99 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 776,791 shares of company stock valued at $5,139,699 and sold 1,862,899 shares valued at $12,201,707. Company insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Several large investors have recently added to or reduced their stakes in ACHR. Harbour Investments Inc. boosted its position in shares of Archer Aviation by 54.7% during the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after acquiring an additional 1,095 shares in the last quarter. GPS Wealth Strategies Group LLC boosted its holdings in Archer Aviation by 708.3% during the fourth quarter. GPS Wealth Strategies Group LLC now owns 3,395 shares of the company’s stock valued at $33,000 after purchasing an additional 2,975 shares in the last quarter. US Bancorp DE grew its stake in shares of Archer Aviation by 2,725.3% in the 4th quarter. US Bancorp DE now owns 4,464 shares of the company’s stock valued at $44,000 after purchasing an additional 4,306 shares during the period. Newbridge Financial Services Group Inc. acquired a new position in shares of Archer Aviation in the 4th quarter worth approximately $49,000. Finally, Amalgamated Bank lifted its position in shares of Archer Aviation by 50.7% during the 4th quarter. Amalgamated Bank now owns 7,961 shares of the company’s stock worth $78,000 after buying an additional 2,680 shares during the period. Institutional investors and hedge funds 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.