Archer Aviation (NYSE:ACHR) Trading 7.8% Higher – Time to Buy?

Shares of Archer Aviation Inc. (NYSE:ACHR) rose 7.8% on Monday . The company traded as high as $5.46 and last traded at $5.3660. 36,866,476 shares traded hands during trading, a decline of 4% from the average daily volume of 38,478,430 shares. The stock had previously closed at $4.98.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research report on Monday, April 20th. Canaccord Genuity Group reduced their price target on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, May 12th. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $11.83.

Archer Aviation Stock Performance

The company has a market cap of $3.67 billion, a price-to-earnings ratio of -4.40 and a beta of 3.19. The firm has a 50-day simple moving average of $5.78 and a 200 day simple moving average of $6.55. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.06.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Monday, May 11th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The business had revenue of $1.60 million during the quarter, compared to the consensus estimate of $1.66 million. During the same period in the prior year, the company posted ($0.17) EPS. On average, sell-side analysts predict that Archer Aviation Inc. will post -1.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In related news, CFO Priya Gupta sold 9,860 shares of the stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.95, for a total transaction of $58,667.00. Following the completion of the sale, the chief financial officer owned 189,050 shares in the company, valued at $1,124,847.50. This represents a 4.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Thomas Paul Muniz sold 91,839 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $546,442.05. Following the transaction, the chief technology officer directly owned 1,462,314 shares in the company, valued at $8,700,768.30. The trade was a 5.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 250,743 shares of company stock worth $1,497,672 in the last quarter. 5.55% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds and other institutional investors have recently made changes to their positions in ACHR. Farther Finance Advisors LLC lifted its position in Archer Aviation by 7.0% during the 4th quarter. Farther Finance Advisors LLC now owns 18,659 shares of the company’s stock worth $140,000 after acquiring an additional 1,220 shares during the period. Gerber Kawasaki Wealth & Investment Management grew its stake in shares of Archer Aviation by 8.2% in the 3rd quarter. Gerber Kawasaki Wealth & Investment Management now owns 16,702 shares of the company’s stock valued at $160,000 after purchasing an additional 1,268 shares during the last quarter. Integrated Wealth Concepts LLC increased its holdings in shares of Archer Aviation by 11.1% in the first quarter. Integrated Wealth Concepts LLC now owns 13,770 shares of the company’s stock valued at $98,000 after purchasing an additional 1,373 shares during the period. Meridian Investment Counsel Inc. increased its holdings in shares of Archer Aviation by 3.4% in the fourth quarter. Meridian Investment Counsel Inc. now owns 43,950 shares of the company’s stock valued at $331,000 after purchasing an additional 1,440 shares during the period. Finally, Choreo LLC raised its stake in shares of Archer Aviation by 8.1% during the fourth quarter. Choreo LLC now owns 20,802 shares of the company’s stock worth $157,000 after purchasing an additional 1,555 shares during the last quarter. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Archer Aviation Company Profile

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.