Archer Aviation (NYSE:ACHR) Sets New 12-Month High – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR) shares reached a new 52-week high on Tuesday . The company traded as high as $11.05 and last traded at $10.92, with a volume of 28716142 shares. The stock had previously closed at $9.38.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ACHR shares. Cantor Fitzgerald increased their price objective on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Canaccord Genuity Group increased their price target on shares of Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. HC Wainwright restated a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a report on Monday, December 16th. Needham & Company LLC initiated coverage on shares of Archer Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $10.63.

Archer Aviation Stock Up 15.4 %

The stock has a market cap of $4.60 billion, a P/E ratio of -8.20 and a beta of 3.19. 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’s fifty day moving average is $5.60 and its 200 day moving average is $4.34.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period last year, the business earned ($0.19) earnings per share. As a group, equities research analysts forecast that Archer Aviation Inc. will post -1.28 EPS for the current year.

Insider Buying and Selling

In other news, CEO Adam D. Goldstein sold 805,170 shares of Archer Aviation stock in a transaction that occurred 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 sale, the chief executive officer now owns 4,197,136 shares of the company’s stock, valued at approximately $19,432,739.68. This trade represents a 16.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael Spellacy sold 191,513 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $10.00, for a total value of $1,915,130.00. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 776,791 shares of company stock valued at $5,139,699 and have sold 1,812,899 shares valued at $11,601,707. 9.75% of the stock is currently owned by 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 the business. HBK Investments L P bought a new stake in shares of Archer Aviation in the 3rd quarter worth about $6,818,000. Sora Investors LLC acquired a new position in Archer Aviation in the third quarter valued at about $3,429,000. Stifel Financial Corp grew its stake in Archer Aviation by 574.5% during the third quarter. Stifel Financial Corp now owns 459,171 shares of the company’s stock worth $1,391,000 after buying an additional 391,092 shares during the last quarter. Barclays PLC increased its holdings in shares of Archer Aviation by 272.7% during the third quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after buying an additional 312,440 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Archer Aviation by 5.6% in the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock valued at $15,487,000 after acquiring an additional 268,896 shares during the last quarter. 59.34% of the stock is owned by institutional investors.

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.