Archer Aviation (NYSE:ACHR) Trading Up 1.6% – Time to Buy?

Archer Aviation Inc. (NYSE:ACHR) shares traded up 1.6% during mid-day trading on Wednesday . The stock traded as high as $7.60 and last traded at $7.4970. 28,718,883 shares traded hands during mid-day trading, a decline of 27% from the average session volume of 39,601,926 shares. The stock had previously closed at $7.38.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. HC Wainwright restated a “buy” rating and issued a $18.00 target price on shares of Archer Aviation in a report on Tuesday, August 12th. JPMorgan Chase & Co. decreased their price target on shares of Archer Aviation from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday, November 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a research note on Wednesday, October 8th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Archer Aviation in a research report on Monday. Finally, Canaccord Genuity Group lifted their target price on Archer Aviation from $12.00 to $13.00 and gave the company a “buy” rating in a report on Friday, November 21st. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.71.

Archer Aviation Trading Up 1.6%

The company has a current ratio of 18.19, a quick ratio of 18.19 and a debt-to-equity ratio of 0.05. The company has a market cap of $4.88 billion, a price-to-earnings ratio of -5.95 and a beta of 3.07. The firm has a 50-day moving average price of $10.08 and a 200 day moving average price of $10.18.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Thursday, November 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.20). As a group, sell-side analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Activity at Archer Aviation

In other Archer Aviation news, CFO Priya Gupta sold 5,479 shares of the business’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $7.49, for a total transaction of $41,037.71. Following the sale, the chief financial officer directly owned 161,523 shares in the company, valued at approximately $1,209,807.27. The trade was a 3.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Thomas Paul Muniz sold 90,648 shares of the stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $7.49, for a total transaction of $678,953.52. Following the completion of the transaction, the chief technology officer owned 1,397,129 shares of the company’s stock, valued at $10,464,496.21. This trade represents a 6.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 182,635 shares of company stock valued at $1,367,936 in the last ninety days. Company insiders own 7.65% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. CIBC Bancorp USA Inc. purchased a new stake in Archer Aviation during the third quarter valued at about $563,000. Sunbelt Securities Inc. lifted its position in shares of Archer Aviation by 83.2% in the 3rd quarter. Sunbelt Securities Inc. now owns 5,000 shares of the company’s stock valued at $48,000 after acquiring an additional 2,271 shares in the last quarter. Advisory Services Network LLC purchased a new stake in shares of Archer Aviation in the 3rd quarter valued at approximately $81,000. Camelot Portfolios LLC acquired a new position in Archer Aviation in the 3rd quarter worth approximately $144,000. Finally, Kestra Private Wealth Services LLC grew its position in Archer Aviation by 14.6% during the 3rd quarter. Kestra Private Wealth Services LLC now owns 30,483 shares of the company’s stock worth $292,000 after purchasing an additional 3,875 shares in the last quarter. Institutional investors own 59.34% of the company’s stock.

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.