Archer Aviation (NYSE:ACHR) Trading 2.5% Higher - Should You Buy?

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price traded up 2.5% during mid-day trading on Wednesday . The stock traded as high as $11.65 and last traded at $11.54. 18,247,580 shares were traded during mid-day trading, a decline of 33% from the average session volume of 27,394,730 shares. The stock had previously closed at $11.26.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Needham & Company LLC restated a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a research note on Tuesday, May 13th. HC Wainwright reiterated a "buy" rating and set a $18.00 price target (up previously from $12.00) on shares of Archer Aviation in a research note on Monday, June 9th. Canaccord Genuity Group decreased their price target on shares of Archer Aviation from $13.50 to $13.00 and set a "buy" rating on the stock in a research note on Monday, June 16th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $13.00 price target 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 assigned a buy rating to the company's stock. Based on data from MarketBeat, Archer Aviation has a consensus rating of "Moderate Buy" and a consensus price target of $13.13.

Archer Aviation Price Performance

The company has a debt-to-equity ratio of 0.07, a current ratio of 15.80 and a quick ratio of 15.80. The stock's 50 day simple moving average is $10.56 and its two-hundred day simple moving average is $9.24. The stock has a market cap of $6.64 billion, a price-to-earnings ratio of -9.24 and a beta of 3.10.

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

Insider Buying and Selling

In other news, General Counsel Eric Lentell sold 95,896 shares of the business's stock in a transaction on Monday, June 30th. The shares were sold at an average price of $10.60, for a total value of $1,016,497.60. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Tosha Perkins sold 40,186 shares of the business's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $522,016.14. Following the completion of the sale, the insider owned 256,799 shares in the company, valued at $3,335,819.01. This represents a 13.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 376,960 shares of company stock worth $4,441,519 in the last three months. Company insiders own 7.65% of the company's stock.

Institutional Investors Weigh In On Archer Aviation

Institutional investors and hedge funds have recently made changes to their positions in the company. US Bancorp DE raised its holdings in shares of Archer Aviation by 2,725.3% in the fourth quarter. US Bancorp DE now owns 4,464 shares of the company's stock valued at $44,000 after buying an additional 4,306 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Archer Aviation by 24.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,277,530 shares of the company's stock valued at $22,206,000 after buying an additional 446,864 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Archer Aviation by 28.5% in the fourth quarter. Victory Capital Management Inc. now owns 35,862 shares of the company's stock valued at $350,000 after buying an additional 7,951 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Archer Aviation in the fourth quarter valued at about $7,249,000. Finally, HighTower Advisors LLC raised its holdings in shares of Archer Aviation by 24.1% in the fourth quarter. HighTower Advisors LLC now owns 25,320 shares of the company's stock valued at $247,000 after buying an additional 4,925 shares during the last quarter. Institutional investors and hedge funds 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.