Archer Aviation (NYSE:ACHR) Trading 2.2% Higher – Time to Buy?

Shares of Archer Aviation Inc. (NYSE:ACHRGet Free Report) traded up 2.2% on Tuesday . The company traded as high as $6.77 and last traded at $6.50. 74,952,776 shares traded hands during trading, an increase of 106% from the average session volume of 36,423,930 shares. The stock had previously closed at $6.36.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Needham & Company LLC cut their price objective on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. Canaccord Genuity Group cut their price objective on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, May 12th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research report on Monday, April 20th. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $11.83.

Get Our Latest Stock Analysis on ACHR

Archer Aviation Trading Up 2.2%

The stock’s fifty day moving average price is $5.85 and its 200 day moving average price is $7.09. The company has a debt-to-equity ratio of 0.06, a current ratio of 18.06 and a quick ratio of 18.06. The stock has a market capitalization of $4.94 billion, a P/E ratio of -5.91 and a beta of 3.13.

Archer Aviation (NYSE:ACHRGet Free Report) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The firm had revenue of $1.60 million for the quarter, compared to analysts’ expectations of $1.66 million. During the same quarter in the previous year, the firm posted ($0.17) EPS. Research analysts forecast that Archer Aviation Inc. will post -1.51 earnings per share for the current year.

Insider Activity at Archer Aviation

In other news, insider Eric Lentell sold 48,169 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $286,605.55. Following the transaction, the insider directly owned 141,084 shares in the company, valued at approximately $839,449.80. This represents a 25.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Tosha Perkins sold 54,786 shares of the company’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $6.46, for a total transaction of $353,917.56. Following the completion of the transaction, the insider owned 377,022 shares in the company, valued at approximately $2,435,562.12. The trade was a 12.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 502,739 shares of company stock valued at $3,124,236. Company insiders own 7.65% of the company’s stock.

Institutional Trading of Archer Aviation

Hedge funds have recently added to or reduced their stakes in the business. Sumitomo Mitsui Trust Group Inc. lifted its stake in Archer Aviation by 21.6% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,914,191 shares of the company’s stock worth $59,515,000 after acquiring an additional 1,407,775 shares during the period. AlphaQuest LLC lifted its position in shares of Archer Aviation by 3,207.5% during the third quarter. AlphaQuest LLC now owns 85,202 shares of the company’s stock valued at $816,000 after buying an additional 82,626 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Archer Aviation by 4.4% during the fourth quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock valued at $411,165,000 after buying an additional 2,312,899 shares during the last quarter. Generali Powszechne Towarzystwo Emerytalne purchased a new stake in shares of Archer Aviation during the fourth quarter valued at about $7,520,000. Finally, Teachers Retirement System of The State of Kentucky purchased a new stake in shares of Archer Aviation during the third quarter valued at about $816,000. 59.34% of the stock is owned by hedge funds and other institutional investors.

About Archer Aviation

(Get Free Report)

Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.

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