Archer Aviation (NYSE:ACHR) Trading 1.4% Higher – Still a Buy?

by · The Markets Daily

Shares of Archer Aviation Inc. (NYSE:ACHR – Get Free Report) shot up 1.4% during mid-day trading on Tuesday . The stock traded as high as $4.86 and last traded at $4.7450. Approximately 33,180,700 shares changed hands during mid-day trading, a decline of 14% from the average session volume of 38,536,773 shares. The stock had previously closed at $4.68.

Analysts Set New Price Targets

ACHR has been the topic of several analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a research report on Monday, April 20th. Canaccord Genuity Group lowered their target price on Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, May 12th. Finally, Needham & Company LLC dropped their target price on Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Archer Aviation has a consensus rating of “Moderate Buy” and a consensus target price of $11.83.

Read Our Latest Report on Archer Aviation

Archer Aviation Price Performance

The company has a debt-to-equity ratio of 0.06, a current ratio of 18.06 and a quick ratio of 18.06. The company’s 50-day simple moving average is $5.90 and its 200-day simple moving average is $6.68. The stock has a market capitalization of $3.60 billion, a P/E ratio of -4.31 and a beta of 3.14.

Archer Aviation (NYSE:ACHR – Get Free Report) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The business had revenue of $1.60 million for the quarter, compared to analysts’ expectations of $1.66 million. During the same period in the prior year, the company posted ($0.17) EPS. As a group, sell-side analysts expect that Archer Aviation Inc. will post -1.47 EPS for the current fiscal year.

Insiders Place Their Bets

In other Archer Aviation news, CAO Harsh Rungta sold 12,414 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $73,863.30. Following the transaction, the chief accounting officer owned 87,210 shares of the company’s stock, valued at $518,899.50. The trade was a 12.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 9,860 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $58,667.00. Following the completion of the sale, the chief financial officer owned 189,050 shares in the company, valued at $1,124,847.50. This represents a 4.96% decrease in their position. 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. Insiders sold 250,743 shares of company stock worth $1,497,672 in the last three months. 5.55% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Archer Aviation

A number of large investors have recently added to or reduced their stakes in the business. Seven Grand Managers LLC acquired a new stake in shares of Archer Aviation during the 4th quarter worth about $22,560,000. Sumitomo Mitsui Trust Group Inc. grew its stake in Archer Aviation by 21.6% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,914,191 shares of the company’s stock valued at $59,515,000 after buying an additional 1,407,775 shares during the last quarter. Norges Bank bought a new position in Archer Aviation in the 4th quarter valued at about $58,494,000. Vanguard Group Inc. raised its holdings in Archer Aviation by 4.4% in the 4th quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock valued at $411,165,000 after acquiring an additional 2,312,899 shares during the period. Finally, Generali Powszechne Towarzystwo Emerytalne acquired a new stake in Archer Aviation during the fourth quarter worth approximately $7,520,000. Institutional investors own 59.34% of the company’s stock.

About Archer Aviation

(Get Free Report)

Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.

Featured Stories