Archer Aviation (NYSE:ACHR) Shares Up 15.1% – Time to Buy?

Archer Aviation Inc. (NYSE:ACHR)’s share price rose 15.1% during mid-day trading on Wednesday . The stock traded as high as $11.06 and last traded at $10.80. Approximately 48,487,008 shares traded hands during trading, an increase of 272% from the average daily volume of 13,049,095 shares. The stock had previously closed at $9.38.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ACHR. Canaccord Genuity Group boosted their target price on shares of Archer Aviation from $8.50 to $11.00 and gave the company a “buy” rating in a report on Friday, December 13th. Cantor Fitzgerald upped 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. Deutsche Bank Aktiengesellschaft raised their target price on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. HC Wainwright reaffirmed a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a research note on Monday, December 16th. Finally, Needham & Company LLC started coverage on Archer Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price objective for the company. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $10.63.

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 capitalization of $4.59 billion, a price-to-earnings ratio of -8.18 and a beta of 3.19. The firm has a 50-day simple moving average of $5.76 and a two-hundred day simple moving average of $4.40.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter in the previous year, the business posted ($0.19) EPS. On average, sell-side analysts anticipate that Archer Aviation Inc. will post -1.28 EPS for the current fiscal year.

Insider Transactions at Archer Aviation

In other news, CEO Adam D. Goldstein sold 805,170 shares of the business’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the completion of the transaction, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at approximately $19,432,739.68. The trade was a 16.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder N.V. Stellantis bought 751,879 shares of Archer Aviation stock in a transaction that occurred on Wednesday, December 11th. The stock was purchased at an average cost of $6.65 per share, for a total transaction of $4,999,995.35. Following the acquisition, the insider now owns 60,486,841 shares of the company’s stock, valued at $402,237,492.65. This represents a 1.26 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 776,791 shares of company stock valued at $5,139,699 and have sold 1,812,899 shares valued at $11,601,707. Corporate insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors and hedge funds have recently modified their holdings of the company. Miller Wealth Advisors LLC purchased a new stake in Archer Aviation during the 3rd quarter worth about $26,000. Code Waechter LLC acquired a new stake in shares of Archer Aviation during the 3rd quarter worth about $30,000. Azzad Asset Management Inc. ADV purchased a new stake in Archer Aviation during the third quarter worth approximately $31,000. Hollencrest Capital Management lifted its stake in 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 purchasing an additional 3,000 shares during the last quarter. Finally, Cyndeo Wealth Partners LLC acquired a new position in Archer Aviation in the third quarter valued at approximately $36,000. Institutional investors and hedge funds own 59.34% of the company’s stock.

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.