Archer Aviation (NYSE:ACHR) Shares Up 26.5% – Still a Buy?

Archer Aviation Inc. (NYSE:ACHR) shot up 26.5% during trading on Monday . The company traded as high as $7.79 and last traded at $7.64. 35,858,723 shares were traded during mid-day trading, an increase of 289% from the average session volume of 9,209,370 shares. The stock had previously closed at $6.04.

Analysts Set New Price Targets

A number of brokerages recently commented on ACHR. Needham & Company LLC began coverage on shares of Archer Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price objective on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a research note on Monday, October 7th. Benchmark reissued a “buy” rating and issued a $12.00 price objective on shares of Archer Aviation in a research note on Friday, August 9th. Finally, HC Wainwright assumed 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. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Archer Aviation has an average rating of “Moderate Buy” and an average target price of $9.33.

Archer Aviation Stock Performance

The company has a market capitalization of $3.44 billion, a PE ratio of -6.13 and a beta of 2.29. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The stock’s fifty day simple moving average is $3.65 and its 200-day simple moving average is $3.71.

Archer Aviation (NYSE:ACHR) last released its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter in the prior year, the firm posted ($0.19) EPS. As a group, equities analysts predict that Archer Aviation Inc. will post -1.2 earnings per share for the current year.

Insider Transactions at Archer Aviation

In other Archer Aviation news, Director Deborah Diaz purchased 5,150 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were purchased at an average price of $7.48 per share, for a total transaction of $38,522.00. Following the completion of the acquisition, the director now owns 98,886 shares of the company’s stock, valued at approximately $739,667.28. This represents a 5.49 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Adam D. Goldstein sold 805,170 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the completion of the transaction, the chief executive officer now owns 4,197,136 shares in the company, valued at $19,432,739.68. The trade was a 16.10 % decrease in their position. The disclosure for this sale can be found here. Insiders own 9.75% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Tidal Investments LLC raised its holdings in Archer Aviation by 29.9% in the third quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock valued at $44,000 after buying an additional 3,339 shares during the period. Sanctuary Advisors LLC purchased a new position in Archer Aviation in the third quarter valued at approximately $80,000. Barclays PLC raised its holdings in Archer Aviation by 272.7% in the third quarter. Barclays PLC now owns 427,023 shares of the company’s stock valued at $1,294,000 after buying an additional 312,440 shares during the period. Geode Capital Management LLC raised its holdings in 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 buying an additional 268,896 shares during the period. Finally, Main Management ETF Advisors LLC purchased a new position in Archer Aviation in the third quarter valued at approximately $583,000. Hedge funds and other institutional investors 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.