Archer Aviation (NYSE:ACHR) Shares Climb 1.3% - Should You Buy?

Key Points

• Archer Aviation shares rose 1.3% to about $5.04, while trading volume was 45% below the stock’s average daily volume.
• Analyst sentiment is mixed: the stock has an overall “Hold” rating, with a consensus price target of $11.50 versus its current price. Ratings include five Buys, three Holds and one Sell.
• The company met quarterly earnings expectations with a loss of $0.34 per share and reported $5 million in revenue, above the $1.94 million analyst estimate; insiders sold shares primarily to cover tax obligations related to vested equity awards.

Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price was up 1.3% during mid-day trading on Thursday. The company traded as high as $5.12 and last traded at $5.0350. 19,982,798 shares changed hands during trading, a decline of 45% from the average daily volume of 36,167,426 shares. The stock had previously closed at $4.97.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ACHR. Wells Fargo & Company set a $18.00 price objective on shares of Archer Aviation in a research report on Tuesday, August 11th. Weiss Ratings reissued a "sell (d-)" rating on shares of Archer Aviation in a research note on Friday, July 17th. Needham & Company LLC restated a "buy" rating and issued a $9.00 price target on shares of Archer Aviation in a research note on Tuesday, August 11th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $11.00 price objective on shares of Archer Aviation in a report on Tuesday, August 11th. Finally, Barclays upgraded Archer Aviation to a "hold" rating in a research report on Wednesday, July 29th. Five equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $11.50.

Archer Aviation Stock Up 1.3%

The stock has a market capitalization of $3.88 billion, a PE ratio of -4.66 and a beta of 3.23. The firm has a 50 day moving average of $5.61 and a two-hundred day moving average of $5.63. The company has a current ratio of 10.21, a quick ratio of 10.21 and a debt-to-equity ratio of 0.06.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its earnings results on Monday, August 10th. The company reported ($0.34) earnings per share for the quarter, meeting the consensus estimate of ($0.34). The firm had revenue of $5.00 million during the quarter, compared to analyst estimates of $1.94 million. Equities research analysts anticipate that Archer Aviation Inc. will post -1.37 earnings per share for the current year.

Insiders Place Their Bets

In other Archer Aviation news, CAO Harsh Rungta sold 13,880 shares of the company's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $6.41, for a total value of $88,970.80. Following the sale, the chief accounting officer owned 110,847 shares of the company's stock, valued at $710,529.27. This represents a 11.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 10,015 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $6.41, for a total transaction of $64,196.15. Following the completion of the sale, the chief financial officer owned 202,784 shares in the company, valued at $1,299,845.44. This represents a 4.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 176,657 shares of company stock worth $1,122,371. Insiders own 5.55% of the company's stock.

Institutional Trading of Archer Aviation

A number of large investors have recently made changes to their positions in the stock. Gould Capital LLC lifted its holdings in Archer Aviation by 238.1% in the 4th quarter. Gould Capital LLC now owns 3,560 shares of the company's stock valued at $27,000 after purchasing an additional 2,507 shares in the last quarter. Modus Advisors LLC acquired a new position in shares of Archer Aviation in the fourth quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of Archer Aviation by 979.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,285 shares of the company's stock valued at $32,000 after buying an additional 3,888 shares during the period. Parallel Advisors LLC boosted its position in Archer Aviation by 59.4% during the first quarter. Parallel Advisors LLC now owns 8,786 shares of the company's stock worth $45,000 after acquiring an additional 3,275 shares during the last quarter. Finally, Tulsa Wealth Advisors INC purchased a new stake in Archer Aviation in the 2nd quarter worth approximately $50,000. Institutional investors and hedge funds own 59.34% of the company's stock.

Archer Aviation Company Profile

Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its goal is to provide quieter, lower-emission transportation for short passenger trips, including airport transfers and travel between urban and suburban locations.

The company's primary aircraft is Midnight, a piloted, four-passenger eVTOL aircraft designed for frequent short-distance flights. Archer has also developed Maker, a smaller technology demonstrator used to test its electric propulsion, flight-control and other aircraft systems.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.