Archer Aviation (NYSE:ACHR) Shares Up 2.1% – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR)’s share price shot up 2.1% during mid-day trading on Thursday . The stock traded as high as $5.96 and last traded at $5.77. 16,784,643 shares changed hands during trading, a decline of 55% from the average daily volume of 37,535,660 shares. The stock had previously closed at $5.65.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. UBS Group reissued an “overweight” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a report on Friday, July 17th. HC Wainwright restated a “buy” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. Canaccord Genuity Group lowered 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 note on Tuesday, May 12th. Finally, Barclays upgraded shares of Archer Aviation to a “hold” rating in a report on Wednesday, July 29th. Five analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $11.50.

Archer Aviation Stock Performance

The company has a market cap of $4.44 billion, a P/E ratio of -5.34 and a beta of 3.23. The company has a quick ratio of 10.21, a current ratio of 10.21 and a debt-to-equity ratio of 0.06. The business has a fifty day simple moving average of $5.37 and a two-hundred day simple moving average of $5.82.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Monday, August 10th. The company reported ($0.34) earnings per share for the quarter, meeting the consensus estimate of ($0.34). The company had revenue of $5.00 million for the quarter, compared to analysts’ expectations of $1.94 million. On average, sell-side analysts anticipate that Archer Aviation Inc. will post -1.37 EPS for the current year.

Insider Activity

In other Archer Aviation news, insider Eric Lentell sold 100,000 shares of the company’s 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 completion of the sale, the insider directly owned 85,011 shares in the company, valued at approximately $536,419.41. This represents a 54.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Priya Gupta sold 10,015 shares of the company’s 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. The trade was a 4.71% 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. Over the last ninety days, insiders sold 180,411 shares of company stock valued at $1,141,141. 5.55% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

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

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.