Archer Aviation (NYSE:ACHR) Trading Up 7% – Should You Buy?

Shares of Archer Aviation Inc. (NYSE:ACHR) traded up 7% during mid-day trading on Friday . The stock traded as high as $9.06 and last traded at $9.01. 17,290,308 shares were traded during trading, an increase of 37% from the average session volume of 12,576,161 shares. The stock had previously closed at $8.42.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Cantor Fitzgerald boosted their target price on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a report on Wednesday. Canaccord Genuity Group boosted their price objective on Archer Aviation from $8.50 to $11.00 and gave the company a “buy” rating in a research note on Friday, December 13th. HC Wainwright restated a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research report on Monday, December 16th. Needham & Company LLC started coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $10.63.

Archer Aviation Stock Up 12.7 %

The business’s fifty day moving average price is $5.48 and its 200 day moving average price is $4.30. 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 market capitalization of $4.04 billion, a PE ratio of -7.19 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the previous year, the firm earned ($0.19) EPS. On average, equities research analysts forecast that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Archer Aviation news, Director Michael Spellacy sold 191,513 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $10.00, for a total transaction of $1,915,130.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Adam D. Goldstein sold 805,170 shares of the company’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the transaction, the chief executive officer now owns 4,197,136 shares in the company, valued at $19,432,739.68. The trade was a 16.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders bought 776,791 shares of company stock valued at $5,139,699 and sold 1,812,899 shares valued at $11,601,707. 9.75% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its position in Archer Aviation by 5.6% during the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after buying an additional 268,896 shares during the period. HBK Investments L P acquired a new stake in shares of Archer Aviation in the third quarter valued at approximately $6,818,000. Charles Schwab Investment Management Inc. grew its position in shares of Archer Aviation by 5.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock valued at $5,547,000 after purchasing an additional 94,430 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Archer Aviation by 23.9% in the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock valued at $4,651,000 after purchasing an additional 254,460 shares during the last quarter. Finally, Sora Investors LLC acquired a new stake in shares of Archer Aviation in the third quarter valued at approximately $3,429,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.