Archer Aviation (NYSE:ACHR) Stock Price Up 2% – Time to Buy?

Archer Aviation Inc. (NYSE:ACHR)’s share price traded up 2% during mid-day trading on Tuesday . The company traded as high as $5.89 and last traded at $5.8250. 22,345,140 shares changed hands during trading, a decline of 40% from the average daily volume of 37,311,977 shares. The stock had previously closed at $5.71.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ACHR. Wells Fargo & Company set a $18.00 target price on shares of Archer Aviation in a research report on Tuesday, August 11th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $11.00 price target on shares of Archer Aviation in a research report on Tuesday, August 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research note on Friday, July 17th. Canaccord Genuity Group cut their price objective on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, May 12th. Finally, UBS Group restated an “overweight” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Five investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $11.50.

Archer Aviation Stock Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 10.21 and a current ratio of 10.21. The business’s fifty day simple moving average is $5.43 and its 200-day simple moving average is $5.79. The firm has a market capitalization of $4.49 billion, a PE ratio of -5.39 and a beta of 3.23.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.34) EPS for the quarter, meeting analysts’ consensus estimates of ($0.34). The firm had revenue of $5.00 million for the quarter, compared to the consensus estimate of $1.94 million. As a group, equities research analysts expect that Archer Aviation Inc. will post -1.37 EPS for the current year.

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, insider Eric Lentell sold 100,000 shares of the stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $6.31, for a total value of $631,000.00. Following the sale, the insider owned 85,011 shares in the company, valued at $536,419.41. This trade represents a 54.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Harsh Rungta sold 13,880 shares of the firm’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.41, for a total transaction of $88,970.80. Following the completion of the transaction, the chief accounting officer directly owned 110,847 shares in the company, valued at $710,529.27. This represents a 11.13% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 180,411 shares of company stock worth $1,141,141 over the last quarter. Insiders own 5.55% of the company’s stock.

Institutional Trading of Archer Aviation

A number of hedge funds have recently added to or reduced their stakes in the business. Nykredit A S bought a new stake in Archer Aviation during the 2nd quarter valued at $73,000. Corient Private Wealth LP raised its position in shares of Archer Aviation by 258.2% in the 2nd quarter. Corient Private Wealth LP now owns 38,308 shares of the company’s stock worth $181,000 after acquiring an additional 27,613 shares in the last quarter. California State Teachers Retirement System raised its position in shares of Archer Aviation by 382.3% in the 2nd quarter. California State Teachers Retirement System now owns 3,453,695 shares of the company’s stock worth $16,336,000 after acquiring an additional 2,737,629 shares in the last quarter. Hopwood Nicholas Hunter purchased a new stake in shares of Archer Aviation during the 2nd quarter worth $175,000. Finally, Odyssean LLC boosted its position in Archer Aviation by 707.0% during the second quarter. Odyssean LLC now owns 260,940 shares of the company’s stock valued at $1,234,000 after purchasing an additional 228,606 shares in the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

Archer Aviation Company Profile

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.