Archer Aviation (NYSE:ACHR) Trading 13.2% Higher – Still a Buy?

Shares of Archer Aviation Inc. (NYSE:ACHR) traded up 13.2% during mid-day trading on Friday . The stock traded as high as $11.59 and last traded at $11.52. 107,698,455 shares were traded during trading, an increase of 222% from the average session volume of 33,403,832 shares. The stock had previously closed at $10.18.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a report on Saturday, September 27th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Archer Aviation in a research note on Thursday, July 17th. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 target price on shares of Archer Aviation in a research note on Tuesday, August 12th. Needham & Company LLC reaffirmed a “buy” rating and issued a $13.00 target price on shares of Archer Aviation in a research note on Tuesday, August 12th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating on shares of Archer Aviation in a research note on Thursday, July 17th. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $13.43.

Archer Aviation Stock Performance

The company has a debt-to-equity ratio of 0.05, a current ratio of 22.30 and a quick ratio of 22.30. The company has a market capitalization of $7.43 billion, a P/E ratio of -8.53 and a beta of 3.06. The stock’s 50 day simple moving average is $9.49 and its two-hundred day simple moving average is $9.52.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Monday, August 11th. The company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.12). As a group, research analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insider Buying and Selling at Archer Aviation

In related news, CFO Priya Gupta sold 10,224 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $100,501.92. Following the completion of the sale, the chief financial officer directly owned 147,153 shares of the company’s stock, valued at $1,446,513.99. The trade was a 6.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Tosha Perkins sold 42,775 shares of the company’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $420,478.25. Following the completion of the sale, the insider directly owned 295,337 shares of the company’s stock, valued at $2,903,162.71. The trade was a 12.65% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 188,068 shares of company stock valued at $1,848,708. 7.65% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Archer Aviation

Several large investors have recently bought and sold shares of the company. Praxis Investment Management Inc. bought a new stake in Archer Aviation in the third quarter valued at approximately $149,000. Corient Private Wealth LLC increased its stake in Archer Aviation by 6.6% in the second quarter. Corient Private Wealth LLC now owns 37,165 shares of the company’s stock valued at $403,000 after purchasing an additional 2,313 shares in the last quarter. Valeo Financial Advisors LLC bought a new stake in Archer Aviation in the second quarter valued at approximately $376,000. Total Investment Management Inc. bought a new stake in Archer Aviation in the second quarter valued at approximately $78,000. Finally, Marex Group plc bought a new stake in Archer Aviation in the second quarter valued at approximately $24,699,000. 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.