Archer Aviation (NYSE:ACHR) Shares Up 3.5% – Should You Buy?

Archer Aviation Inc. (NYSE:ACHR)’s stock price shot up 3.5% during mid-day trading on Friday . The company traded as high as $8.45 and last traded at $8.57. 6,207,984 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 18,801,783 shares. The stock had previously closed at $8.28.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft upped their target price on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. HC Wainwright reaffirmed a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a research report on Friday, February 28th. Raymond James boosted their price target on Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Canaccord Genuity Group raised their price objective on Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research report on Friday, February 28th. Finally, Cantor Fitzgerald lifted their price objective on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $11.61.

Archer Aviation Stock Performance

The stock has a 50-day moving average of $8.80 and a 200 day moving average of $6.63. The firm has a market capitalization of $4.67 billion, a P/E ratio of -6.52 and a beta of 3.14. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.10. On average, research analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Activity at Archer Aviation

In related news, CTO Thomas Paul Muniz sold 99,224 shares of the company’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $764,024.80. Following the completion of the sale, the chief technology officer now owns 1,131,443 shares in the company, valued at approximately $8,712,111.10. This represents a 8.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, General Counsel Eric Lentell sold 43,230 shares of the company’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $332,871.00. Following the completion of the sale, the general counsel now owns 53,225 shares of the company’s stock, valued at approximately $409,832.50. This represents a 44.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 303,985 shares of company stock valued at $2,555,685 over the last quarter. Corporate insiders own 9.75% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. ARK Investment Management LLC raised its position in shares of Archer Aviation by 27.1% during the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock worth $291,643,000 after purchasing an additional 6,371,647 shares during the period. Renaissance Technologies LLC acquired a new stake in Archer Aviation during the 4th quarter worth approximately $42,709,000. Alyeska Investment Group L.P. lifted its stake in Archer Aviation by 158.3% in the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company’s stock valued at $48,748,000 after buying an additional 3,064,280 shares in the last quarter. Two Sigma Investments LP boosted its holdings in shares of Archer Aviation by 3,166.8% in the fourth quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company’s stock valued at $29,377,000 after buying an additional 2,920,752 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of Archer Aviation by 21.4% during the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company’s stock worth $160,682,000 after acquiring an additional 2,908,859 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors.

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.