Archer Aviation (NYSE:ACHR) Stock Price Up 1.5% – Time to Buy?

Archer Aviation Inc. (NYSE:ACHR)’s share price traded up 1.5% during trading on Wednesday . The stock traded as high as $7.08 and last traded at $7.07. 5,241,694 shares changed hands during trading, a decline of 73% from the average session volume of 19,497,849 shares. The stock had previously closed at $6.96.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Cantor Fitzgerald upped their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Needham & Company LLC upped 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. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. Raymond James upped their target price on Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Friday, February 21st. Finally, Canaccord Genuity Group increased their target price on Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a research report on Friday, February 28th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Archer Aviation has an average rating of “Moderate Buy” and an average price target of $11.61.

Archer Aviation Stock Down 3.8 %

The company’s fifty day simple moving average is $8.56 and its 200-day simple moving average is $6.95. The firm has a market capitalization of $3.76 billion, a PE ratio of -5.25 and a beta of 3.14. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

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

Insider Activity

In related news, insider Tosha Perkins sold 49,273 shares of the firm’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $379,402.10. Following the completion of the transaction, the insider now owns 232,396 shares in the company, valued at $1,789,449.20. This trade represents a 17.49 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Eric Lentell sold 43,230 shares of the business’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $332,871.00. Following the sale, the general counsel now owns 53,225 shares in the company, valued at approximately $409,832.50. The trade was a 44.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 474,780 shares of company stock worth $3,758,081 over the last 90 days. 9.75% of the stock is currently owned by corporate insiders.

Institutional Trading of Archer Aviation

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP purchased a new position in Archer Aviation during the fourth quarter valued at approximately $15,912,000. California State Teachers Retirement System increased its stake in shares of Archer Aviation by 26.2% during the fourth quarter. California State Teachers Retirement System now owns 241,396 shares of the company’s stock worth $2,354,000 after purchasing an additional 50,104 shares in the last quarter. Total Wealth Planning & Management Inc. purchased a new stake in Archer Aviation during the 4th quarter worth approximately $450,000. Infinitum Asset Management LLC acquired a new position in Archer Aviation in the 4th quarter valued at $10,844,000. Finally, Sunbelt Securities Inc. acquired a new stake in shares of Archer Aviation in the fourth quarter valued at about $27,000. 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.