Archer Aviation (NYSE:ACHR) Trading Up 1.2% – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR)’s share price shot up 1.2% on Thursday . The stock traded as high as $5.19 and last traded at $4.9770. 28,939,046 shares were traded during trading, a decline of 25% from the average daily volume of 38,490,637 shares. The stock had previously closed at $4.92.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on ACHR shares. Canaccord Genuity Group reduced their price target on Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, May 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a research note on Monday, April 20th. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Archer Aviation presently has an average rating of “Moderate Buy” and an average price target of $11.83.

Archer Aviation Trading Up 1.2%

The business’s 50 day moving average price is $5.85 and its two-hundred day moving average price is $6.63. The company has a debt-to-equity ratio of 0.06, a quick ratio of 18.06 and a current ratio of 18.06. The company has a market capitalization of $3.78 billion, a price-to-earnings ratio of -4.52 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The company had revenue of $1.60 million for the quarter, compared to analyst estimates of $1.66 million. During the same quarter in the previous year, the company earned ($0.17) EPS. Equities analysts forecast that Archer Aviation Inc. will post -1.47 earnings per share for the current fiscal year.

Insider Transactions at Archer Aviation

In related news, CTO Thomas Paul Muniz sold 91,839 shares of the firm’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $546,442.05. Following the completion of the transaction, the chief technology officer owned 1,462,314 shares of the company’s stock, valued at $8,700,768.30. This trade represents a 5.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 9,860 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $58,667.00. Following the transaction, the chief financial officer directly owned 189,050 shares of the company’s stock, valued at $1,124,847.50. This represents a 4.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 250,743 shares of company stock valued at $1,497,672 in the last quarter. Company insiders own 5.55% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

A number of institutional investors and hedge funds have recently bought and sold shares of ACHR. Norges Bank bought a new position in shares of Archer Aviation during the 4th quarter valued at about $58,494,000. Man Group plc grew its stake in shares of Archer Aviation by 13,793.3% in the 2nd quarter. Man Group plc now owns 4,212,722 shares of the company’s stock worth $45,708,000 after purchasing an additional 4,182,400 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Archer Aviation by 423.3% in the 4th quarter. BNP Paribas Financial Markets now owns 5,126,217 shares of the company’s stock worth $38,549,000 after purchasing an additional 4,146,574 shares in the last quarter. ARK Investment Management LLC raised its holdings in shares of Archer Aviation by 12.4% in the 4th quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company’s stock worth $264,484,000 after purchasing an additional 3,869,252 shares in the last quarter. Finally, State Street Corp lifted its stake in Archer Aviation by 11.2% during the fourth quarter. State Street Corp now owns 32,773,136 shares of the company’s stock valued at $246,454,000 after purchasing an additional 3,293,130 shares during the last quarter. 59.34% of the stock is owned by institutional investors and hedge funds.

About Archer Aviation

Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.