Archer Aviation (NYSE:ACHR) Trading Up 3.4% - Time to Buy?

Key Points

• Archer Aviation's stock rose 3.4%, reaching a last traded price of $9.87, after closing at $9.54, despite a slight drop in trading volume.
• Analysts have given Archer Aviation an average rating of "Moderate Buy" with a price target averaging $13.43, with several firms reaffirming buy ratings.
• CFO Mark Mesler and General Counsel Eric Lentell sold shares recently, indicating some insider selling activity, although 59.34% of shares are still owned by institutional investors.

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price shot up 3.4% on Tuesday . The company traded as high as $10.03 and last traded at $9.87. 31,435,211 shares traded hands during trading, a decline of 5% from the average session volume of 33,072,477 shares. The stock had previously closed at $9.54.

Analyst Ratings Changes

A number of research firms have weighed in on ACHR. JPMorgan Chase & Co. upped their price target on Archer Aviation from $9.00 to $10.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. HC Wainwright reissued a "buy" rating and set a $18.00 target price on shares of Archer Aviation in a report on Tuesday. Canaccord Genuity Group reaffirmed a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. Cantor Fitzgerald reissued an "overweight" rating on shares of Archer Aviation in a report on Thursday, July 17th. Finally, UBS Group reiterated a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $13.43.

Archer Aviation Stock Down 1.6%

The stock has a fifty day moving average of $10.60 and a 200 day moving average of $9.38. The firm has a market capitalization of $5.40 billion, a P/E ratio of -7.28 and a beta of 3.08. The company has a debt-to-equity ratio of 0.05, a current ratio of 22.30 and a quick ratio of 15.80.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its earnings results on Monday, August 11th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.12). On average, research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In other news, General Counsel Eric Lentell sold 95,896 shares of Archer Aviation stock in a transaction on Monday, June 30th. The stock was sold at an average price of $10.60, for a total value of $1,016,497.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 7.65% of the company's stock.

Hedge Funds Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Alliancebernstein L.P. boosted its holdings in shares of Archer Aviation by 2.4% in the 4th quarter. Alliancebernstein L.P. now owns 250,090 shares of the company's stock worth $2,438,000 after purchasing an additional 5,800 shares in the last quarter. Wells Fargo & Company MN raised its position in Archer Aviation by 89.7% during the 4th quarter. Wells Fargo & Company MN now owns 242,374 shares of the company's stock valued at $2,363,000 after purchasing an additional 114,616 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of Archer Aviation by 16.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 172,860 shares of the company's stock worth $1,685,000 after acquiring an additional 24,390 shares in the last quarter. Invesco Ltd. raised its position in shares of Archer Aviation by 19.5% in the 4th quarter. Invesco Ltd. now owns 2,212,208 shares of the company's stock worth $21,569,000 after acquiring an additional 360,282 shares in the last quarter. Finally, Legal & General Group Plc raised its position in shares of Archer Aviation by 18.1% in the 4th quarter. Legal & General Group Plc now owns 342,650 shares of the company's stock worth $3,341,000 after acquiring an additional 52,509 shares in the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

Archer Aviation Company Profile

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.