Archer Aviation (NYSE:ACHR) Shares Up 19.6% – Time to Buy?

Archer Aviation Inc. (NYSE:ACHR)’s share price shot up 19.6% during mid-day trading on Friday . The stock traded as high as $11.48 and last traded at $11.45. 26,582,879 shares changed hands during trading, a decline of 8% from the average session volume of 28,770,297 shares. The stock had previously closed at $9.57.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ACHR. Deutsche Bank Aktiengesellschaft boosted their price target on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, December 13th. HC Wainwright reaffirmed a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a report on Monday, December 16th. Cantor Fitzgerald increased their target price on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Canaccord Genuity Group upped their target price on shares of Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Finally, Needham & Company LLC assumed coverage on shares of Archer Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price target for the company. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $10.63.

Archer Aviation Price Performance

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 market capitalization of $4.78 billion, a P/E ratio of -8.51 and a beta of 3.19. The firm has a fifty day moving average of $6.76 and a 200 day moving average of $4.72.

Archer Aviation (NYSE:ACHR) last issued its quarterly 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 period last year, the firm posted ($0.19) EPS. On average, equities research analysts anticipate that Archer Aviation Inc. will post -1.28 EPS for the current year.

Insider Buying and Selling

In other news, CEO Adam D. Goldstein sold 805,170 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the sale, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at $19,432,739.68. This represents a 16.10 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Deborah Diaz purchased 5,150 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were purchased at an average price of $7.48 per share, with a total value of $38,522.00. Following the completion of the transaction, the director now directly owns 98,886 shares of the company’s stock, valued at $739,667.28. This represents a 5.49 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 776,791 shares of company stock valued at $5,139,699 and have sold 1,812,899 shares valued at $11,601,707. 9.75% of the stock is owned by insiders.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds have recently made changes to their positions in ACHR. Versant Capital Management Inc boosted its stake in shares of Archer Aviation by 74.3% in the 4th quarter. Versant Capital Management Inc now owns 8,048 shares of the company’s stock valued at $78,000 after buying an additional 3,430 shares during the period. Tidal Investments LLC lifted its stake in Archer Aviation by 29.9% during the third quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock worth $44,000 after purchasing an additional 3,339 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in Archer Aviation during the third quarter worth approximately $80,000. Barclays PLC boosted its stake in Archer Aviation by 272.7% in the third quarter. Barclays PLC now owns 427,023 shares of the company’s stock valued at $1,294,000 after acquiring an additional 312,440 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Archer Aviation by 5.6% during the 3rd 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 last quarter. Hedge funds and other institutional investors own 59.34% of the company’s stock.

About Archer Aviation

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.