Archer Aviation (NYSE:ACHR) Shares Climb 1% – Should You Buy?

by · The Cerbat Gem

Archer Aviation Inc. (NYSE:ACHR – Get Free Report) traded up 1% on Thursday. The company traded as high as $4.52 and last traded at $4.3850. Approximately 15,846,123 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 34,928,465 shares. The stock had previously closed at $4.34.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Barclays raised Archer Aviation from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $4.50 to $8.00 in a research note on Friday, October 9th. Needham & Company LLC reaffirmed a “buy” rating and issued a $9.00 target price on shares of Archer Aviation in a research report on Tuesday, August 11th. Wells Fargo & Company set a $18.00 target price on Archer Aviation in a research report on Tuesday, August 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research note on Thursday, October 15th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $11.00 price target on shares of Archer Aviation in a research report on Tuesday, August 11th. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $11.00.

Check Out Our Latest Stock Report on ACHR

Archer Aviation Trading Down 4.1%

The company’s 50 day simple moving average is $5.06 and its 200 day simple moving average is $5.84. The firm has a market cap of $3.23 billion, a price-to-earnings ratio of -3.89 and a beta of 3.27. The company has a debt-to-equity ratio of 0.06, a current ratio of 10.21 and a quick ratio of 10.21.

Archer Aviation (NYSE:ACHR – Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.34) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.34). The company had revenue of $5.00 million during the quarter, compared to analyst estimates of $1.94 million. As a group, research analysts expect that Archer Aviation Inc. will post -1.37 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Archer Aviation news, CAO Harsh Rungta sold 13,880 shares of the stock in a transaction dated Monday, August 17th. The stock was 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 trade represents a 11.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 dated Monday, August 17th. The shares were sold at an average price of $6.41, for a total value of $64,196.15. Following the completion of the sale, the chief financial officer directly owned 202,784 shares in the company, valued at $1,299,845.44. This represents a 4.71% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 176,657 shares of company stock worth $1,122,371 in the last quarter. 5.55% of the stock is owned by company insiders.

Institutional Trading of Archer Aviation

Several hedge funds have recently added to or reduced their stakes in the company. Focused Wealth Management Inc grew its position in shares of Archer Aviation by 37.8% in the 3rd quarter. Focused Wealth Management Inc now owns 80,449 shares of the company’s stock valued at $400,000 after buying an additional 22,055 shares during the last quarter. Gerber Kawasaki Wealth & Investment Management acquired a new stake in Archer Aviation during the 3rd quarter worth $90,000. Traynor Capital Management Inc. acquired a new stake in Archer Aviation during the 3rd quarter worth $64,000. Sumitomo Mitsui Trust Group Inc. lifted its position in Archer Aviation by 7.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 8,072,347 shares of the company’s stock valued at $40,120,000 after acquiring an additional 549,998 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its position in Archer Aviation by 135.9% in the third quarter. International Assets Investment Management LLC now owns 45,830 shares of the company’s stock valued at $228,000 after acquiring an additional 26,405 shares during the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

About Archer Aviation

(Get Free Report)

Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its aircraft are designed to operate like helicopters for takeoff and landing while using distributed electric propulsion for quieter, lower-emission regional transportation.

The company’s primary aircraft program is Midnight, a piloted, four-passenger eVTOL aircraft intended for short urban and regional trips. Archer has also developed Maker, a technology demonstrator used to test its electric propulsion, flight-control and other aircraft systems.

See Also