Archer Aviation (NYSE:ACHR) Trading 8% Higher - Still a Buy?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price traded up 8% during mid-day trading on Wednesday . The stock traded as high as $8.36 and last traded at $8.40. 9,190,012 shares were traded during mid-day trading, a decline of 72% from the average session volume of 32,469,703 shares. The stock had previously closed at $7.77.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft raised their price objective on Archer Aviation from $11.00 to $15.00 and gave the company a "buy" rating in a research note on Friday, December 13th. Raymond James raised their price objective on Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research note on Friday, February 21st. Needham & Company LLC raised their price objective on Archer Aviation from $11.00 to $13.00 and gave the company a "buy" rating in a research note on Friday. Cantor Fitzgerald raised their price objective on Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a research note on Wednesday, December 18th. Finally, HC Wainwright reissued a "buy" rating and set a $12.50 price target on shares of Archer Aviation in a research note on Friday. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $11.61.

Archer Aviation Price Performance

The stock has a 50 day moving average of $9.59 and a 200-day moving average of $6.24. The stock has a market capitalization of $3.77 billion, a P/E ratio of -6.72 and a beta of 3.14. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.10. On average, equities research analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder N.V. Stellantis purchased 751,879 shares of the business's stock in a transaction dated Wednesday, December 11th. The shares were acquired at an average cost of $6.65 per share, for a total transaction of $4,999,995.35. Following the acquisition, the insider now owns 60,486,841 shares of the company's stock, valued at $402,237,492.65. The trade was a 1.26 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Tosha Perkins sold 150,000 shares of Archer Aviation stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $6.40, for a total value of $960,000.00. Following the completion of the transaction, the insider now owns 197,355 shares in the company, valued at $1,263,072. This represents a 43.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,057,729 shares of company stock worth $8,473,770 in the last ninety days. 9.75% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sunbelt Securities Inc. acquired a new stake in Archer Aviation during the 4th quarter worth about $27,000. Conquis Financial LLC acquired a new position in Archer Aviation in the 4th quarter worth about $29,000. Oarsman Capital Inc. raised its holdings in Archer Aviation by 471.7% in the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company's stock worth $30,000 after purchasing an additional 2,547 shares during the period. Harbour Investments Inc. raised its holdings in Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock worth $30,000 after purchasing an additional 1,095 shares during the period. Finally, Anchor Investment Management LLC raised its holdings in Archer Aviation by 58.3% in the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock worth $32,000 after purchasing an additional 1,224 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.