Archer Aviation (NYSE:ACHR) Shares Up 1.8% – Still a Buy?

Shares of Archer Aviation Inc. (NYSE:ACHR) traded up 1.8% during trading on Wednesday . The stock traded as high as $3.44 and last traded at $3.42. 4,561,233 shares were traded during mid-day trading, a decline of 40% from the average session volume of 7,619,871 shares. The stock had previously closed at $3.36.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. HC Wainwright started coverage on shares of Archer Aviation in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price objective on the stock. JPMorgan Chase & Co. increased their price objective on shares of Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Benchmark reissued a “buy” rating and set a $12.00 price target on shares of Archer Aviation in a research report on Friday, August 9th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a research report on Monday, October 7th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Archer Aviation has a consensus rating of “Moderate Buy” and an average price target of $9.00.

Archer Aviation Stock Up 1.9 %

The company’s 50 day moving average is $3.22 and its 200 day moving average is $3.63. The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.49 and a current ratio of 4.49.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.07. As a group, analysts forecast 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, major shareholder N.V. Stellantis purchased 2,982,089 shares of the stock in a transaction on Thursday, August 8th. The shares were purchased at an average price of $3.35 per share, with a total value of $9,989,998.15. Following the transaction, the insider now directly owns 59,734,962 shares of the company’s stock, valued at $200,112,122.70. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 12.80% of the company’s stock.

Institutional Trading of Archer Aviation

Hedge funds have recently added to or reduced their stakes in the stock. Alpine Global Management LLC bought a new position in Archer Aviation during the first quarter worth $5,782,000. Intellectus Partners LLC raised its stake in Archer Aviation by 136.1% during the 2nd quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock worth $3,187,000 after buying an additional 523,024 shares during the period. Bank of New York Mellon Corp boosted its holdings in Archer Aviation by 23.9% in the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after acquiring an additional 254,460 shares in the last quarter. Raymond James & Associates grew its stake in Archer Aviation by 44.4% in the second quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock valued at $2,201,000 after acquiring an additional 192,120 shares during the period. Finally, DNB Asset Management AS increased its holdings in shares of Archer Aviation by 195.1% during the second quarter. DNB Asset Management AS now owns 263,063 shares of the company’s stock valued at $926,000 after acquiring an additional 173,919 shares in the last quarter. Institutional investors and hedge funds 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.