Archer Aviation (NYSE:ACHR) Trading 3.6% Higher - Time to Buy?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shot up 3.6% on Tuesday . The company traded as high as $10.36 and last traded at $10.36. 10,952,941 shares changed hands during trading, a decline of 57% from the average session volume of 25,701,336 shares. The stock had previously closed at $10.00.

Analysts Set New Price Targets

Several brokerages have issued reports on ACHR. 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 restated a "buy" rating and issued a $18.00 price objective (up from $12.00) on shares of Archer Aviation in a report on Monday, June 9th. Needham & Company LLC reaffirmed a "buy" rating and set a $13.00 target price on shares of Archer Aviation in a report on Tuesday, May 13th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $13.00 target price on shares of Archer Aviation in a research report on Monday. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, Archer Aviation presently has an average rating of "Moderate Buy" and an average target price of $13.13.

Archer Aviation Stock Performance

The business has a fifty day moving average of $9.92 and a 200 day moving average of $9.11. The company has a market cap of $5.75 billion, a P/E ratio of -7.99 and a beta of 3.13. The company has a quick ratio of 15.80, a current ratio of 15.80 and a debt-to-equity ratio of 0.07.

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

Insider Activity at Archer Aviation

In related news, General Counsel Eric Lentell sold 50,004 shares of the stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $7.04, for a total value of $352,028.16. Following the completion of the transaction, the general counsel now directly owns 45,416 shares in the company, valued at $319,728.64. This trade represents a 52.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark Mesler sold 34,498 shares of Archer Aviation stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $242,865.92. Following the transaction, the chief financial officer now directly owns 659,357 shares of the company's stock, valued at approximately $4,641,873.28. This trade represents a 4.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 451,859 shares of company stock worth $4,627,418 over the last 90 days. 7.65% of the stock is owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently bought and sold shares of the business. Sunbelt Securities Inc. purchased a new stake in shares of Archer Aviation in the 4th quarter worth approximately $27,000. Conquis Financial LLC bought a new stake in Archer Aviation in the fourth quarter worth $29,000. Oarsman Capital Inc. grew its stake in shares of Archer Aviation by 471.7% in the fourth quarter. Oarsman Capital Inc. now owns 3,087 shares of the company's stock worth $30,000 after acquiring an additional 2,547 shares during the last quarter. Harbour Investments Inc. increased its holdings in shares of Archer Aviation by 54.7% during 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. Finally, Anchor Investment Management LLC increased its holdings 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 valued at $32,000 after acquiring an additional 1,224 shares in the last quarter. Hedge funds and other institutional investors own 59.34% of the company's stock.

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.