Archer Aviation (NYSE:ACHR) Reaches New 52-Week High – Should You Buy?

Archer Aviation Inc. (NYSE:ACHR) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $7.36 and last traded at $7.36, with a volume of 6991510 shares trading hands. The stock had previously closed at $6.04.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ACHR shares. Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a report on Monday, October 7th. Needham & Company LLC started coverage on shares of Archer Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $11.00 price objective on the stock. Benchmark restated a “buy” rating and set a $12.00 price objective on shares of Archer Aviation in a research note on Friday, August 9th. Finally, HC Wainwright started coverage on shares of Archer Aviation in a research note on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective on the stock. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $9.33.

Archer Aviation Trading Up 25.8 %

The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The company has a fifty day simple moving average of $3.48 and a 200-day simple moving average of $3.66. The stock has a market cap of $3.23 billion, a price-to-earnings ratio of -5.79 and a beta of 2.29.

Archer Aviation (NYSE:ACHR) last released its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the prior year, the firm earned ($0.19) earnings per share. On average, research analysts forecast that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Insider Activity at Archer Aviation

In related news, CEO Adam D. Goldstein sold 805,170 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total value of $3,727,937.10. Following the completion of the sale, the chief executive officer now owns 4,197,136 shares of the company’s stock, valued at approximately $19,432,739.68. The trade was a 16.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 9.75% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

Several large investors have recently made changes to their positions in ACHR. Axxcess Wealth Management LLC boosted its position in Archer Aviation by 48.0% during the first quarter. Axxcess Wealth Management LLC now owns 29,961 shares of the company’s stock worth $138,000 after purchasing an additional 9,713 shares during the period. CreativeOne Wealth LLC bought a new stake in Archer Aviation during the first quarter worth approximately $117,000. Cetera Advisors LLC bought a new stake in Archer Aviation during the first quarter worth approximately $80,000. CWM LLC boosted its position in Archer Aviation by 62.0% during the second quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after purchasing an additional 3,559 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Archer Aviation by 23.9% during the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after purchasing an additional 254,460 shares during the period. 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.