Archer Aviation (NYSE:ACHR) Stock Price Up 2.9% – Time to Buy?

Archer Aviation Inc. (NYSE:ACHR) rose 2.9% during trading on Tuesday . The stock traded as high as $6.99 and last traded at $7.00. Approximately 7,573,216 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 32,153,031 shares. The stock had previously closed at $6.80.

Analyst Ratings Changes

ACHR has been the subject of a number of research reports. Cantor Fitzgerald lifted their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft upped their price objective on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Raymond James lifted their target price on Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Friday, February 21st. Canaccord Genuity Group upped their price target on Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a report on Friday, February 28th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a research report on Friday, February 28th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Archer Aviation currently has an average rating of “Moderate Buy” and an average target price of $11.61.

Archer Aviation Stock Down 3.3 %

The firm has a 50-day moving average price of $9.13 and a two-hundred day moving average price of $6.47. The firm has a market cap of $3.92 billion, a price-to-earnings ratio of -5.48 and a beta of 3.14. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.10. On average, sell-side analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Activity at Archer Aviation

In related news, CTO Thomas Paul Muniz sold 50,000 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $9.00, for a total transaction of $450,000.00. Following the completion of the sale, the chief technology officer now owns 1,120,360 shares in the company, valued at $10,083,240. This represents a 4.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Tosha Perkins sold 49,273 shares of Archer Aviation stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $379,402.10. Following the completion of the transaction, the insider now owns 232,396 shares in the company, valued at approximately $1,789,449.20. This represents a 17.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 545,498 shares of company stock valued at $4,920,815 in the last three months. 9.75% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of ACHR. EP Wealth Advisors LLC grew its position in Archer Aviation by 6.7% in the 4th quarter. EP Wealth Advisors LLC now owns 16,000 shares of the company’s stock valued at $156,000 after buying an additional 1,000 shares during the last quarter. Harbour Investments Inc. boosted its holdings in shares of Archer Aviation by 54.7% in the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after acquiring an additional 1,095 shares in the last quarter. Anchor Investment Management LLC increased its stake in shares of Archer Aviation by 58.3% during the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock worth $32,000 after acquiring an additional 1,224 shares during the period. Sanctuary Advisors LLC raised its holdings in Archer Aviation by 4.7% during the fourth quarter. Sanctuary Advisors LLC now owns 27,740 shares of the company’s stock worth $257,000 after purchasing an additional 1,246 shares in the last quarter. Finally, Xponance Inc. lifted its position in Archer Aviation by 8.5% in the fourth quarter. Xponance Inc. now owns 16,600 shares of the company’s stock valued at $162,000 after purchasing an additional 1,299 shares during the period. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.