Archer Aviation (NYSE:ACHR) Shares Up 11.9% – Time to Buy?

Archer Aviation Inc. (NYSE:ACHR) shares shot up 11.9% on Thursday . The stock traded as high as $8.54 and last traded at $8.08. 62,743,029 shares traded hands during trading, an increase of 543% from the average session volume of 9,764,363 shares. The stock had previously closed at $7.22.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ACHR. HC Wainwright started coverage on shares of Archer Aviation in a report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price objective for the company. Benchmark restated a “buy” rating and issued a $12.00 price target on shares of Archer Aviation in a research note on Friday, August 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a report on Monday, October 7th. Finally, Needham & Company LLC initiated coverage on Archer Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price objective for the company. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $9.33.

Archer Aviation Stock Performance

The business’s 50 day simple moving average is $3.75 and its two-hundred day simple moving average is $3.74. The firm has a market capitalization of $3.44 billion, a PE ratio of -6.12 and a beta of 2.29. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the prior year, the company earned ($0.19) earnings per share. Research analysts expect that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In related news, CEO Adam D. Goldstein sold 805,170 shares of Archer Aviation stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the transaction, the chief executive officer now directly owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. The trade was a 16.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Deborah Diaz purchased 5,150 shares of Archer Aviation stock in a transaction on Monday, November 25th. The stock was bought at an average price of $7.48 per share, with a total value of $38,522.00. Following the transaction, the director now owns 98,886 shares of the company’s stock, valued at approximately $739,667.28. This represents a 5.49 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 9.75% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Tidal Investments LLC increased its holdings in Archer Aviation by 29.9% in the 3rd quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock worth $44,000 after acquiring an additional 3,339 shares in the last quarter. Sanctuary Advisors LLC bought a new position in shares of Archer Aviation in the third quarter worth approximately $80,000. Barclays PLC increased its stake in shares of Archer Aviation by 272.7% in the third quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after purchasing an additional 312,440 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Archer Aviation by 5.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock valued at $15,487,000 after purchasing an additional 268,896 shares during the period. Finally, Main Management ETF Advisors LLC bought a new stake in shares of Archer Aviation during the 3rd quarter valued at $583,000. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.