Archer Aviation (NYSE:ACHR) Shares Up 1.6% - Still a Buy?

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) were up 1.6% on Friday . The stock traded as high as $10.18 and last traded at $10.14. Approximately 19,267,642 shares were traded during mid-day trading, a decline of 28% from the average daily volume of 26,757,496 shares. The stock had previously closed at $9.98.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on ACHR shares. Needham & Company LLC restated a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a research report on Tuesday, May 13th. Canaccord Genuity Group cut their target price on Archer Aviation from $13.50 to $13.00 and set a "buy" rating for the company in a research note on Monday, June 16th. HC Wainwright reaffirmed a "buy" rating and issued a $18.00 target price (up previously from $12.00) on shares of Archer Aviation in a research note on Monday, June 9th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $13.00 price objective 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 given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $13.13.

Archer Aviation Price Performance

The firm has a fifty day moving average of $10.22 and a 200 day moving average of $9.20. The company has a market capitalization of $5.42 billion, a P/E ratio of -7.52 and a beta of 3.10. The company has a current ratio of 15.80, a quick ratio of 15.80 and a debt-to-equity ratio of 0.07.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.04. On average, equities research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Activity

In other news, General Counsel Eric Lentell sold 95,896 shares of Archer Aviation stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $10.60, for a total transaction of $1,016,497.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Priya Gupta sold 13,210 shares of the business'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 value of $171,597.90. Following the completion of the transaction, the chief financial officer directly owned 134,104 shares in the company, valued at approximately $1,742,010.96. This represents a 8.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 376,960 shares of company stock worth $4,441,519. 7.65% of the stock is currently owned by corporate insiders.

Institutional Trading of Archer Aviation

A number of large investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC bought a new position in shares of Archer Aviation during the 4th quarter valued at approximately $42,709,000. Vanguard Group Inc. increased its position in shares of Archer Aviation by 19.7% during the 1st quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company's stock valued at $140,275,000 after purchasing an additional 3,249,106 shares during the last quarter. Nuveen LLC bought a new position in shares of Archer Aviation during the 1st quarter valued at approximately $22,423,000. Alyeska Investment Group L.P. increased its position in shares of Archer Aviation by 158.3% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock valued at $48,748,000 after purchasing an additional 3,064,280 shares during the last quarter. Finally, Two Sigma Investments LP increased its position in shares of Archer Aviation by 3,166.8% during the 4th quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company's stock valued at $29,377,000 after purchasing an additional 2,920,752 shares during the last quarter. Institutional investors own 59.34% of the company's stock.

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.