Archer Aviation (NYSE:ACHR) Shares Up 8.5% – Time to Buy?

Archer Aviation Inc. (NYSE:ACHR) shares shot up 8.5% during mid-day trading on Monday . The stock traded as high as $10.40 and last traded at $10.33. 50,143,838 shares traded hands during mid-day trading, an increase of 115% from the average session volume of 23,369,936 shares. The stock had previously closed at $9.52.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ACHR. HC Wainwright reiterated a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a research note on Monday, December 16th. Canaccord Genuity Group decreased their price objective on Archer Aviation from $14.00 to $13.00 and set a “buy” rating for the company in a research note on Wednesday, February 12th. JPMorgan Chase & Co. cut Archer Aviation from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Cantor Fitzgerald boosted their target price on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Finally, Needham & Company LLC restated a “buy” rating and set a $11.00 target price on shares of Archer Aviation in a research note on Thursday, January 16th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Archer Aviation currently has a consensus rating of “Moderate Buy” and an average price target of $11.25.

Archer Aviation Stock Performance

The company has a market cap of $4.27 billion, a price-to-earnings ratio of -7.60 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 firm has a 50-day simple moving average of $9.48 and a 200 day simple moving average of $5.95.

Insider Activity

In other news, insider Tosha Perkins sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $6.40, for a total value of $960,000.00. Following the transaction, the insider now owns 197,355 shares of the company’s stock, valued at approximately $1,263,072. The trade was a 43.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Thomas Paul Muniz sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total value of $600,000.00. Following the completion of the transaction, the chief technology officer now directly owns 1,070,360 shares in the company, valued at approximately $12,844,320. The trade was a 4.46 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 776,791 shares of company stock valued at $5,139,699 and have sold 1,057,729 shares valued at $8,473,770. Corporate insiders own 9.75% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Miller Wealth Advisors LLC acquired a new position in Archer Aviation during the third quarter worth $26,000. Sunbelt Securities Inc. acquired a new position in Archer Aviation during the fourth quarter worth $27,000. Conquis Financial LLC acquired a new position in Archer Aviation during the fourth quarter worth $29,000. Harbour Investments Inc. grew 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 worth $30,000 after acquiring an additional 1,095 shares during the period. Finally, Oarsman Capital Inc. grew its holdings in Archer Aviation by 471.7% during the fourth quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock worth $30,000 after acquiring an additional 2,547 shares during the period. 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.