Archer Aviation (NYSE:ACHR) Trading 4.6% Higher – Time to Buy?

Archer Aviation Inc. (NYSE:ACHR)’s share price shot up 4.6% during trading on Friday . The stock traded as high as $10.14 and last traded at $9.96. 18,560,595 shares changed hands during mid-day trading, a decline of 38% from the average session volume of 30,179,092 shares. The stock had previously closed at $9.52.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ACHR. Deutsche Bank Aktiengesellschaft increased 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 reissued a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a report on Monday, December 16th. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an “overweight” rating to a “neutral” rating and upped their price target for the company from $6.00 to $9.00 in a research note on Friday, January 10th. 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. Finally, Canaccord Genuity Group cut their price objective on shares of Archer Aviation from $14.00 to $13.00 and set a “buy” rating for the company in a report on Wednesday. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $11.25.

Archer Aviation Price Performance

The firm has a market cap of $4.39 billion, a price-to-earnings ratio of -7.82 and a beta of 3.13. 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 company’s 50-day moving average is $9.43 and its 200-day moving average is $5.89.

Insider Buying and Selling at Archer Aviation

In related news, CEO Adam D. Goldstein purchased 19,762 shares of Archer Aviation stock in a transaction dated Thursday, November 21st. The shares were bought at an average cost of $5.12 per share, for a total transaction of $101,181.44. Following the purchase, the chief executive officer now owns 2,014,890 shares in the company, valued at approximately $10,316,236.80. This trade represents a 0.99 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder N.V. Stellantis acquired 751,879 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were bought at an average price of $6.65 per share, with a total value of $4,999,995.35. Following the completion of the transaction, the insider now owns 60,486,841 shares in the company, 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. In the last quarter, insiders have acquired 776,791 shares of company stock valued at $5,139,699 and have sold 1,862,899 shares valued at $12,201,707. Company insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Several hedge funds have recently modified their holdings of the company. Comerica Bank grew its holdings in shares of Archer Aviation by 113.2% during the fourth quarter. Comerica Bank now owns 4,076 shares of the company’s stock worth $40,000 after purchasing an additional 2,164 shares during the last quarter. Lido Advisors LLC acquired a new position in Archer Aviation in the 4th quarter valued at approximately $110,000. Northern Trust Corp raised its stake in shares of Archer Aviation by 19.3% during the fourth quarter. Northern Trust Corp now owns 2,346,059 shares of the company’s stock valued at $22,874,000 after acquiring an additional 379,322 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Archer Aviation by 18.4% during the fourth quarter. The Manufacturers Life Insurance Company now owns 138,563 shares of the company’s stock worth $1,351,000 after purchasing an additional 21,502 shares during the period. Finally, Tudor Investment Corp ET AL bought a new position in Archer Aviation during the 4th quarter worth $9,089,000. 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.