Archer Aviation (NYSE:ACHR) Stock Price Up 3.6% - Still a Buy?

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

Wall Street Analyst Weigh In

ACHR has been the subject of a number of research reports. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $13.00 price objective on shares of Archer Aviation in a report on Monday. Canaccord Genuity Group reduced their target price on Archer Aviation from $13.50 to $13.00 and set a "buy" rating for the company in a report on Monday, June 16th. Needham & Company LLC restated a "buy" rating and set a $13.00 price target on shares of Archer Aviation in a report on Tuesday, May 13th. Finally, HC Wainwright restated a "buy" rating and set a $18.00 price target (up from $12.00) on shares of Archer Aviation in a report on Monday, June 9th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $13.13.

Archer Aviation Stock Performance

The company has a quick ratio of 15.80, a current ratio of 15.80 and a debt-to-equity ratio of 0.07. The stock has a 50 day simple moving average of $9.86 and a two-hundred day simple moving average of $9.09. The stock has a market capitalization of $5.46 billion, a P/E ratio of -7.59 and a beta of 3.13.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its earnings results 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 forecast that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Priya Gupta sold 13,210 shares of the stock in a transaction 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 sale, the chief financial officer now directly owns 134,104 shares of the company's stock, valued at approximately $1,742,010.96. This represents a 8.97% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Tosha Perkins sold 33,335 shares of Archer Aviation stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $7.04, for a total transaction of $234,678.40. Following the completion of the sale, the insider now directly owns 262,673 shares in the company, valued at $1,849,217.92. This trade represents a 11.26% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 451,859 shares of company stock valued at $4,627,418 in the last ninety days. 7.65% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Archer Aviation

A number of hedge funds and other institutional investors have recently modified their holdings of ACHR. EP Wealth Advisors LLC boosted its position in shares of Archer Aviation by 6.7% during the fourth quarter. EP Wealth Advisors LLC now owns 16,000 shares of the company's stock valued at $156,000 after purchasing an additional 1,000 shares in the last quarter. Harbour Investments Inc. increased its holdings in 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 buying an additional 1,095 shares during the last quarter. Anchor Investment Management LLC raised its stake in shares of Archer Aviation by 58.3% in the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock worth $32,000 after buying an additional 1,224 shares during the period. Sanctuary Advisors LLC boosted its position in shares of Archer Aviation by 4.7% in the fourth quarter. Sanctuary Advisors LLC now owns 27,740 shares of the company's stock worth $257,000 after purchasing an additional 1,246 shares during the period. Finally, Xponance Inc. grew its holdings in Archer Aviation by 8.5% during the 4th quarter. Xponance Inc. now owns 16,600 shares of the company's stock valued at $162,000 after buying an additional 1,299 shares in the last quarter. 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.