Archer Aviation (NYSE:ACHR) Shares Up 26.5% – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR)’s stock price traded up 26.5% on Monday . The company traded as high as $7.79 and last traded at $7.64. 35,858,723 shares changed hands during trading, an increase of 289% from the average session volume of 9,209,370 shares. The stock had previously closed at $6.04.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on ACHR shares. HC Wainwright assumed coverage on shares of Archer Aviation in a research note on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective for the company. Needham & Company LLC initiated coverage on Archer Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price target for the company. Benchmark restated a “buy” rating and set a $12.00 price target on shares of Archer Aviation in a research note on Friday, August 9th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a research note on Monday, October 7th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $9.33.

Archer Aviation Trading Up 24.1 %

The stock has a market capitalization of $3.19 billion, a PE ratio of -5.67 and a beta of 2.29. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The business’s 50-day moving average is $3.48 and its two-hundred day moving average is $3.66.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the prior year, the firm earned ($0.19) earnings per share. On average, analysts predict that Archer Aviation Inc. will post -1.2 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Adam D. Goldstein purchased 19,762 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were purchased at an average price of $5.12 per share, with a total value of $101,181.44. Following the purchase, the chief executive officer now directly owns 2,014,890 shares of the company’s stock, valued at approximately $10,316,236.80. This represents a 0.99 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 9.75% of the stock is owned by company insiders.

Institutional Trading of Archer Aviation

Several large investors have recently modified their holdings of ACHR. Hollencrest Capital Management grew its position in shares of Archer Aviation by 50.0% during the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after buying an additional 3,000 shares in the last quarter. Townsquare Capital LLC boosted its stake in Archer Aviation by 25.6% during the 3rd quarter. Townsquare Capital LLC now owns 14,877 shares of the company’s stock valued at $45,000 after acquiring an additional 3,033 shares during the last quarter. Tidal Investments LLC grew its holdings in Archer Aviation by 29.9% during the 3rd quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock worth $44,000 after acquiring an additional 3,339 shares in the last quarter. Hsbc Holdings PLC increased its position in shares of Archer Aviation by 14.8% in the 2nd quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock worth $89,000 after purchasing an additional 3,341 shares during the last quarter. Finally, CWM LLC raised its stake in shares of Archer Aviation by 62.0% in the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after purchasing an additional 3,559 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

Archer Aviation Company Profile

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.