Archer Aviation (NYSE:ACHR) Shares Climb 7.5% – Should You Buy?

Shares of Archer Aviation Inc. (NYSE:ACHR) shot up 7.5% on Tuesday. The stock traded as high as $4.32 and last traded at $4.2350. 28,234,175 shares changed hands during trading, a decline of 20% from the average daily volume of 35,083,629 shares. The stock had previously closed at $3.94.

Analyst Ratings Changes

ACHR has been the topic of a number of recent research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a research report on Thursday, October 15th. Barclays upgraded Archer Aviation from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $4.50 to $8.00 in a research note on Friday, October 9th. UBS Group reaffirmed an “overweight” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. Wells Fargo & Company set a $18.00 price target on shares of Archer Aviation in a research note on Tuesday, August 11th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $11.00 price objective on shares of Archer Aviation in a report on Tuesday, August 11th. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $11.00.

Archer Aviation Stock Up 7.5%

The firm has a market cap of $3.26 billion, a P/E ratio of -3.92 and a beta of 3.27. The company has a quick ratio of 10.21, a current ratio of 10.21 and a debt-to-equity ratio of 0.06. The firm has a fifty day moving average of $5.22 and a 200-day moving average of $5.93.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.34) EPS for the quarter, meeting the consensus estimate of ($0.34). The company had revenue of $5.00 million for the quarter, compared to analyst estimates of $1.94 million. On average, equities research analysts anticipate that Archer Aviation Inc. will post -1.37 earnings per share for the current year.

Insider Transactions at Archer Aviation

In other news, insider Eric Lentell sold 100,000 shares of the company’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $6.31, for a total transaction of $631,000.00. Following the sale, the insider owned 85,011 shares in the company, valued at $536,419.41. This represents a 54.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Priya Gupta sold 10,015 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $1,299,845.44. The trade was a 4.71% decrease in their position. The SEC filing for this sale provides additional information. 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 90 days. Corporate insiders own 5.55% of the company’s stock.

Institutional Trading of Archer Aviation

A number of large investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC increased its stake in shares of Archer Aviation by 703.3% during the 1st quarter. Renaissance Technologies LLC now owns 2,514,300 shares of the company’s stock worth $12,999,000 after purchasing an additional 2,201,300 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in Archer Aviation in the 2nd quarter valued at about $10,190,000. Bank of America Corp DE lifted its stake in Archer Aviation by 33.2% in the 1st quarter. Bank of America Corp DE now owns 2,136,942 shares of the company’s stock valued at $11,048,000 after purchasing an additional 532,762 shares during the last quarter. Swiss National Bank lifted its stake in Archer Aviation by 0.4% in the 1st quarter. Swiss National Bank now owns 1,221,700 shares of the company’s stock valued at $6,316,000 after purchasing an additional 4,400 shares during the last quarter. Finally, Cetera Investment Advisers grew its holdings in Archer Aviation by 8.3% during the first quarter. Cetera Investment Advisers now owns 792,532 shares of the company’s stock worth $4,097,000 after purchasing an additional 60,449 shares during the period. Institutional investors and hedge funds own 59.34% of the company’s stock.

Archer Aviation Company Profile

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.