Archer Aviation (NYSE:ACHR) Trading Up 10.4% – Should You Buy?

Archer Aviation Inc. (NYSE:ACHR)’s share price rose 10.4% on Tuesday . The company traded as high as $11.84 and last traded at $11.43. Approximately 39,278,472 shares changed hands during mid-day trading, an increase of 24% from the average daily volume of 31,605,545 shares. The stock had previously closed at $10.35.

Analysts Set New Price Targets

ACHR has been the subject of several research analyst reports. JPMorgan Chase & Co. lowered Archer Aviation from an “overweight” rating to a “neutral” rating and upped their price target for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Canaccord Genuity Group dropped their target price on shares of Archer Aviation from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Wednesday, February 12th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price target on shares of Archer Aviation in a research report on Thursday, January 16th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, HC Wainwright restated a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a report on Monday, December 16th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Archer Aviation presently has an average rating of “Moderate Buy” and an average price target of $11.25.

Archer Aviation Price Performance

The business has a fifty day moving average of $9.48 and a 200 day moving average of $5.95. 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 stock has a market cap of $4.52 billion, a PE ratio of -8.06 and a beta of 3.13.

Insider Activity

In other news, CEO Adam D. Goldstein bought 19,762 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was bought at an average price of $5.12 per share, for a total transaction of $101,181.44. Following the transaction, the chief executive officer now owns 2,014,890 shares in the company, valued at $10,316,236.80. The trade was a 0.99 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Thomas Paul Muniz sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total value of $600,000.00. Following the sale, the chief technology officer now directly owns 1,070,360 shares in the company, valued at approximately $12,844,320. This represents a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders acquired 776,791 shares of company stock worth $5,139,699 and sold 1,057,729 shares worth $8,473,770. Company insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds have recently added to or reduced their stakes in ACHR. Creative Planning lifted its position in shares of Archer Aviation by 74.1% in the 3rd quarter. Creative Planning now owns 28,851 shares of the company’s stock worth $87,000 after buying an additional 12,278 shares during the last quarter. Stratos Wealth Advisors LLC lifted its holdings in Archer Aviation by 157.4% in the third quarter. Stratos Wealth Advisors LLC now owns 58,149 shares of the company’s stock worth $176,000 after acquiring an additional 35,554 shares during the last quarter. Cyndeo Wealth Partners LLC bought a new position in Archer Aviation in the third quarter worth about $36,000. Narwhal Capital Management acquired a new position in Archer Aviation in the third quarter valued at approximately $40,000. Finally, PFG Investments LLC grew its holdings in shares of Archer Aviation by 36.0% during the third quarter. PFG Investments LLC now owns 19,629 shares of the company’s stock valued at $59,000 after purchasing an additional 5,200 shares during the last quarter. 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.