Archer Aviation (NYSE:ACHR) Trading 7.9% Higher – Time to Buy?

Archer Aviation Inc. (NYSE:ACHR) traded up 7.9% during mid-day trading on Wednesday . The stock traded as high as $9.07 and last traded at $8.87. 12,678,936 shares changed hands during trading, a decline of 63% from the average session volume of 34,580,281 shares. The stock had previously closed at $8.22.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ACHR. HC Wainwright reaffirmed a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a research report on Monday, December 16th. Needham & Company LLC restated a “buy” rating and set a $11.00 price target on shares of Archer Aviation in a research note on Thursday. Cantor Fitzgerald lifted their price objective on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Canaccord Genuity Group increased their target price on shares of Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $11.38.

Archer Aviation Price Performance

The company has a market cap of $3.74 billion, a price-to-earnings ratio of -6.66 and a beta of 3.15. The company’s 50-day simple moving average is $8.08 and its 200-day simple moving average is $5.17. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the previous year, the firm earned ($0.19) EPS. On average, equities research analysts anticipate that Archer Aviation Inc. will post -1.33 EPS for the current year.

Insider Transactions at Archer Aviation

In related news, CEO Adam D. Goldstein purchased 19,762 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was acquired at an average price of $5.12 per share, with a total value of $101,181.44. Following the completion of the transaction, the chief executive officer now owns 2,014,890 shares of the company’s stock, valued at $10,316,236.80. This represents a 0.99 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Tosha Perkins sold 150,000 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $6.40, for a total transaction of $960,000.00. Following the completion of the sale, the insider now directly owns 197,355 shares in the company, valued at $1,263,072. This represents a 43.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, 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. Corporate insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Large investors have recently modified their holdings of the stock. Geode Capital Management LLC increased its holdings in Archer Aviation by 5.6% in the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock valued at $15,487,000 after buying an additional 268,896 shares during the last quarter. HBK Investments L P bought a new stake in shares of Archer Aviation in the 3rd quarter valued at approximately $6,818,000. Charles Schwab Investment Management Inc. raised its position in shares of Archer Aviation by 5.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock valued at $5,547,000 after acquiring an additional 94,430 shares in the last quarter. Sora Investors LLC bought a new position in Archer Aviation during the third quarter worth $3,429,000. Finally, Intellectus Partners LLC lifted its stake in Archer Aviation by 1.3% during the third quarter. Intellectus Partners LLC now owns 919,020 shares of the company’s stock worth $2,790,000 after purchasing an additional 11,800 shares during the last quarter. Institutional investors 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.