Archer Aviation (NYSE:ACHR) Trading Up 3.8% - Still a Buy?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price traded up 3.8% during mid-day trading on Monday . The company traded as high as $11.06 and last traded at $10.87. 18,259,676 shares traded hands during trading, a decline of 31% from the average session volume of 26,318,095 shares. The stock had previously closed at $10.47.

Analyst Ratings Changes

Several research firms recently weighed in on ACHR. Needham & Company LLC reissued a "buy" rating and issued a $13.00 target price on shares of Archer Aviation in a research note on Tuesday, May 13th. Canaccord Genuity Group decreased their price objective on shares of Archer Aviation from $13.50 to $13.00 and set a "buy" rating for the company in a research report on Monday, June 16th. HC Wainwright reaffirmed a "buy" rating and issued a $18.00 target price (up from $12.00) on shares of Archer Aviation in a report on Monday, June 9th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $13.00 target price on shares of Archer Aviation in a research note on Monday, June 23rd. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Archer Aviation currently has an average rating of "Moderate Buy" and a consensus target price of $13.13.

Archer Aviation Price Performance

The stock has a market capitalization of $5.56 billion, a price-to-earnings ratio of -7.74 and a beta of 3.10. The company's 50-day simple moving average is $10.19 and its 200-day simple moving average is $9.19. The company has a debt-to-equity ratio of 0.07, a current ratio of 15.80 and a quick ratio of 15.80.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings results on Monday, May 12th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.04. Research analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Activity at Archer Aviation

In other Archer Aviation news, General Counsel Eric Lentell sold 95,896 shares of the stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $10.60, for a total transaction of $1,016,497.60. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Thomas Paul Muniz sold 80,919 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $1,051,137.81. Following the transaction, the chief technology officer directly owned 1,253,294 shares in the company, valued at $16,280,289.06. This represents a 6.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 376,960 shares of company stock valued at $4,441,519. 7.65% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Archer Aviation

Several institutional investors have recently made changes to their positions in ACHR. Voya Investment Management LLC raised its holdings in Archer Aviation by 22.7% in the 1st quarter. Voya Investment Management LLC now owns 86,005 shares of the company's stock valued at $611,000 after acquiring an additional 15,936 shares in the last quarter. Rhumbline Advisers increased its position in shares of Archer Aviation by 38.0% in the first quarter. Rhumbline Advisers now owns 430,920 shares of the company's stock worth $3,064,000 after purchasing an additional 118,598 shares during the period. Strs Ohio bought a new stake in Archer Aviation during the first quarter worth about $27,000. Intech Investment Management LLC grew its stake in Archer Aviation by 89.4% during the first quarter. Intech Investment Management LLC now owns 196,100 shares of the company's stock worth $1,394,000 after buying an additional 92,553 shares in the last quarter. Finally, Focus Partners Wealth increased its holdings in Archer Aviation by 6.0% in the 1st quarter. Focus Partners Wealth now owns 38,284 shares of the company's stock valued at $271,000 after buying an additional 2,179 shares during the period. 59.34% of the stock is currently owned by 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.