Archer Aviation (NYSE:ACHR) Trading Up 4.9% – Should You Buy?

Archer Aviation Inc. (NYSE:ACHR) shares shot up 4.9% during trading on Monday . The stock traded as high as $6.89 and last traded at $6.51. 16,375,464 shares traded hands during trading, a decline of 18% from the average session volume of 19,866,601 shares. The stock had previously closed at $6.20.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ACHR. Cantor Fitzgerald increased their target price on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Raymond James upped their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Needham & Company LLC raised their price target on shares of Archer Aviation from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a research report on Friday, February 28th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Archer Aviation has an average rating of “Moderate Buy” and an average price target of $11.61.

Archer Aviation Stock Up 7.5 %

The firm has a fifty day moving average price of $8.43 and a 200 day moving average price of $7.05. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $3.62 billion, a price-to-earnings ratio of -5.05 and a beta of 3.16.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.10. Sell-side analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Activity

In related news, CTO Thomas Paul Muniz sold 52,958 shares of the firm’s stock in a transaction on Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $372,824.32. Following the sale, the chief technology officer now directly owns 1,173,905 shares in the company, valued at $8,264,291.20. This trade represents a 4.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, General Counsel Eric Lentell sold 43,230 shares of the company’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $332,871.00. Following the completion of the transaction, the general counsel now directly owns 53,225 shares of the company’s stock, valued at approximately $409,832.50. The trade was a 44.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 474,780 shares of company stock valued at $3,758,081 in the last ninety days. 9.75% of the stock is owned by insiders.

Hedge Funds Weigh In On Archer Aviation

A number of large investors have recently bought and sold shares of ACHR. ARK Investment Management LLC grew its holdings in shares of Archer Aviation by 27.1% in the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock valued at $291,643,000 after acquiring an additional 6,371,647 shares in the last quarter. Renaissance Technologies LLC bought a new position in Archer Aviation in the fourth quarter valued at approximately $42,709,000. Alyeska Investment Group L.P. increased its position in shares of Archer Aviation by 158.3% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company’s stock worth $48,748,000 after purchasing an additional 3,064,280 shares during the last quarter. Two Sigma Investments LP raised its stake in shares of Archer Aviation by 3,166.8% during the 4th quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company’s stock worth $29,377,000 after purchasing an additional 2,920,752 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Archer Aviation by 21.4% in the 4th quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company’s stock valued at $160,682,000 after buying an additional 2,908,859 shares during the last quarter. Institutional investors and hedge funds 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.