Archer Aviation (NYSE:ACHR) Trading 8.8% Higher - Should You Buy?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price traded up 8.8% during mid-day trading on Friday . The stock traded as high as $13.92 and last traded at $13.26. 38,655,530 shares traded hands during trading, an increase of 73% from the average session volume of 22,402,082 shares. The stock had previously closed at $12.19.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. HC Wainwright restated a "buy" rating and issued a $12.50 price objective on shares of Archer Aviation in a report on Tuesday. Cantor Fitzgerald restated an "overweight" rating and issued a $13.00 price objective on shares of Archer Aviation in a report on Friday. Canaccord Genuity Group increased their price objective on Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a report on Friday, February 28th. Needham & Company LLC restated a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a report on Tuesday. Finally, Raymond James upped their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research report on Friday, February 21st. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Archer Aviation currently has an average rating of "Moderate Buy" and an average price target of $11.61.

Archer Aviation Trading Up 9.4%

The firm has a market cap of $7.23 billion, a PE ratio of -10.10 and a beta of 3.13. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock's fifty day simple moving average is $8.03 and its two-hundred day simple moving average is $8.04.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, beating analysts' consensus estimates of ($0.40) by $0.10. On average, sell-side analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In other Archer Aviation news, insider Tosha Perkins sold 50,000 shares of Archer Aviation stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $8.47, for a total value of $423,500.00. Following the completion of the transaction, the insider now directly owns 212,673 shares of the company's stock, valued at $1,801,340.31. This trade represents a 19.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Mark Mesler sold 62,258 shares of the firm's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $479,386.60. Following the completion of the sale, the chief financial officer now owns 630,243 shares of the company's stock, valued at $4,852,871.10. This trade represents a 8.99% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 474,780 shares of company stock valued at $3,581,581. Corporate insiders own 7.65% of the company's stock.

Institutional Investors Weigh In On Archer Aviation

Several hedge funds have recently modified their holdings of ACHR. EP Wealth Advisors LLC raised its stake in shares of Archer Aviation by 6.7% during the 4th quarter. EP Wealth Advisors LLC now owns 16,000 shares of the company's stock worth $156,000 after acquiring an additional 1,000 shares in the last quarter. Harbour Investments Inc. increased its stake in Archer Aviation by 54.7% during the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock valued at $30,000 after purchasing an additional 1,095 shares in the last quarter. Anchor Investment Management LLC increased 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 acquiring an additional 1,224 shares during the period. Sanctuary Advisors LLC increased its stake 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 acquiring an additional 1,246 shares during the period. Finally, Xponance Inc. increased its stake in shares of Archer Aviation by 8.5% in the fourth quarter. Xponance Inc. now owns 16,600 shares of the company's stock worth $162,000 after acquiring an additional 1,299 shares during the period. Hedge funds and other 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.

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