Archer Aviation (NYSE:ACHR) Sets New 52-Week High – Time to Buy?

Archer Aviation Inc. (NYSE:ACHR) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $7.36 and last traded at $7.36, with a volume of 6991510 shares. The stock had previously closed at $6.04.

Wall Street Analyst Weigh In

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

Archer Aviation Stock Down 3.4 %

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 $3.07 billion, a PE ratio of -5.47 and a beta of 2.29. The firm’s 50-day simple moving average is $3.57 and its 200 day simple moving average is $3.69.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Friday, November 8th. The company reported ($0.29) EPS 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) earnings per share. As a group, equities research analysts forecast that Archer Aviation Inc. will post -1.2 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Deborah Diaz purchased 5,150 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was purchased at an average price of $7.48 per share, with a total value of $38,522.00. Following the completion of the transaction, the director now owns 98,886 shares of the company’s stock, valued at approximately $739,667.28. This trade represents a 5.49 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Adam D. Goldstein sold 805,170 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the sale, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at $19,432,739.68. This represents a 16.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.75% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

Several institutional investors and hedge funds have recently added to or reduced their stakes in ACHR. Cetera Advisors LLC purchased a new stake in shares of Archer Aviation during the 1st quarter worth about $80,000. CWM LLC lifted its position in Archer Aviation by 62.0% during the second quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after buying an additional 3,559 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Archer Aviation by 23.9% during the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after buying an additional 254,460 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Archer Aviation by 8.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 69,387 shares of the company’s stock worth $321,000 after acquiring an additional 5,611 shares in the last quarter. Finally, Tidal Investments LLC purchased a new position in shares of Archer Aviation in the 1st quarter valued at $49,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.