Archer Aviation (NYSE:ACHR) Trading Up 7% - Still a Buy?

Key Points

• Archer Aviation's stock price increased by 7%, trading at approximately $9.90 after a notable spike in trading volume, indicating significant investor interest.
• Analysts have mixed but generally positive views on Archer Aviation, with a consensus price target of $13.43 and seven analysts rating the stock as a Buy.
• Insider trading activity showed a decrease in ownership by executives, with CTO Thomas Paul Muniz selling 86,133 shares for about $846,687.

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shares traded up 7% during mid-day trading on Friday . The stock traded as high as $9.94 and last traded at $9.90. 75,307,332 shares were traded during mid-day trading, an increase of 133% from the average session volume of 32,312,211 shares. The stock had previously closed at $9.25.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Canaccord Genuity Group reissued a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. JPMorgan Chase & Co. raised their price objective on shares of Archer Aviation from $9.00 to $10.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. UBS Group restated a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. HC Wainwright restated a "buy" rating and issued a $18.00 price objective on shares of Archer Aviation in a research report on Tuesday, August 12th. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $13.43.

Archer Aviation Stock Performance

The company has a quick ratio of 22.30, a current ratio of 22.30 and a debt-to-equity ratio of 0.05. The stock's fifty day simple moving average is $9.84 and its 200-day simple moving average is $9.39.

Archer Aviation (NYSE:ACHR - Get Free Report) last released its earnings results on Monday, August 11th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.12). Analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Activity

In other Archer Aviation news, insider Tosha Perkins sold 42,775 shares of Archer Aviation stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $420,478.25. Following the completion of the sale, the insider directly owned 295,337 shares of the company's stock, valued at approximately $2,903,162.71. The trade was a 12.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Priya Gupta sold 10,224 shares of Archer Aviation stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $100,501.92. Following the completion of the sale, the chief financial officer directly owned 147,153 shares of the company's stock, valued at $1,446,513.99. The trade was a 6.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 283,964 shares of company stock valued at $2,865,206 over the last quarter. Insiders own 7.65% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. California State Teachers Retirement System lifted its stake in shares of Archer Aviation by 26.2% in the 4th quarter. California State Teachers Retirement System now owns 241,396 shares of the company's stock valued at $2,354,000 after purchasing an additional 50,104 shares in the last quarter. New York State Common Retirement Fund lifted its position in Archer Aviation by 47.6% during the first quarter. New York State Common Retirement Fund now owns 100,087 shares of the company's stock valued at $712,000 after buying an additional 32,300 shares in the last quarter. Private Advisor Group LLC grew its stake in Archer Aviation by 429.6% during the first quarter. Private Advisor Group LLC now owns 272,072 shares of the company's stock worth $1,934,000 after buying an additional 220,696 shares during the period. Virtu Financial LLC increased its position in shares of Archer Aviation by 704.2% in the first quarter. Virtu Financial LLC now owns 359,555 shares of the company's stock worth $2,556,000 after acquiring an additional 314,844 shares in the last quarter. Finally, Swiss National Bank raised its stake in shares of Archer Aviation by 42.4% in the 1st quarter. Swiss National Bank now owns 728,900 shares of the company's stock valued at $5,182,000 after acquiring an additional 217,200 shares during the period. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.