Archer Aviation (NYSE:ACHR) Trading 3% Higher – Should You Buy?

Archer Aviation Inc. (NYSE:ACHR)’s stock price traded up 3% during trading on Monday . The company traded as high as $5.51 and last traded at $5.42. 22,109,485 shares were traded during mid-day trading, a decline of 40% from the average session volume of 36,797,148 shares. The stock had previously closed at $5.26.

Wall Street Analysts Forecast Growth

ACHR has been the topic of several research analyst reports. Needham & Company LLC reissued a “buy” rating and set a $9.00 price target on shares of Archer Aviation in a report on Tuesday, August 11th. HC Wainwright reiterated a “buy” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. UBS Group reissued an “overweight” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. Cantor Fitzgerald restated an “overweight” rating and set a $11.00 price target on shares of Archer Aviation in a research note on Tuesday, August 11th. Finally, Barclays raised shares of Archer Aviation to a “hold” rating in a research report on Wednesday, July 29th. Five investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Archer Aviation has an average rating of “Hold” and an average target price 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 stock has a market cap of $4.17 billion, a P/E ratio of -5.02 and a beta of 3.23. The business’s 50-day moving average price is $5.53 and its 200-day moving average price is $5.69.

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

Insider Transactions at Archer Aviation

In related news, CAO Harsh Rungta sold 13,880 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $6.41, for a total value of $88,970.80. Following the completion of the sale, the chief accounting officer directly owned 110,847 shares of the company’s stock, valued at approximately $710,529.27. This represents a 11.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 10,015 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $6.41, for a total transaction of $64,196.15. Following the completion of the sale, the chief financial officer directly owned 202,784 shares of the company’s stock, valued at $1,299,845.44. This represents a 4.71% decrease in their ownership of the stock. 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 176,657 shares of company stock valued at $1,122,371 over the last quarter. 5.55% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds have recently modified their holdings of the company. Seven Grand Managers LLC purchased a new stake in shares of Archer Aviation in the fourth quarter worth $22,560,000. Bank of America Corp DE lifted its stake in shares of Archer Aviation by 33.2% during the 1st quarter. Bank of America Corp DE now owns 2,136,942 shares of the company’s stock valued at $11,048,000 after buying an additional 532,762 shares in the last quarter. Norges Bank bought a new position in Archer Aviation in the 4th quarter worth $58,494,000. California State Teachers Retirement System increased its stake in Archer Aviation by 21.0% in the 1st quarter. California State Teachers Retirement System now owns 716,066 shares of the company’s stock worth $3,702,000 after buying an additional 124,052 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Archer Aviation by 14.9% in the 4th quarter. Geode Capital Management LLC now owns 14,385,647 shares of the company’s stock worth $108,197,000 after buying an additional 1,867,648 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors.

About Archer Aviation

Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its aircraft are designed to transport passengers over short distances using distributed electric propulsion, with the goal of providing quieter and potentially faster alternatives to traditional ground transportation in congested urban areas.

The company’s primary aircraft is Midnight, a piloted, four-passenger eVTOL aircraft intended for commercial air taxi operations.