Archer Aviation (NYSE:ACHR) Stock Price Up 15.1% – Should You Buy?

Shares of Archer Aviation Inc. (NYSE:ACHR) shot up 15.1% during mid-day trading on Wednesday . The company traded as high as $11.06 and last traded at $10.80. 48,487,008 shares traded hands during trading, an increase of 272% from the average session volume of 13,049,095 shares. The stock had previously closed at $9.38.

Wall Street Analyst Weigh In

ACHR has been the subject of a number of recent analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a research note on Monday, December 16th. Cantor Fitzgerald upped their price target on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Canaccord Genuity Group raised their price objective on Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Needham & Company LLC started coverage on Archer Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research 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’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $10.63.

Archer Aviation Trading Up 4.9 %

The firm has a market capitalization of $4.82 billion, a price-to-earnings ratio of -8.58 and a beta of 3.19. The company has a fifty day moving average price of $5.91 and a 200-day moving average price of $4.44. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the prior year, the company earned ($0.19) EPS. On average, equities research analysts predict that Archer Aviation Inc. will post -1.28 EPS for the current year.

Insider Buying and Selling at Archer Aviation

In related news, 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 transaction of $1,915,130.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Adam D. Goldstein sold 805,170 shares of Archer Aviation stock in a transaction 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 completion of the transaction, the chief executive officer now owns 4,197,136 shares in the company, valued at $19,432,739.68. This trade represents a 16.10 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have purchased 776,791 shares of company stock worth $5,139,699 and have sold 1,812,899 shares worth $11,601,707. Corporate insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Several large investors have recently made changes to their positions in ACHR. Miller Wealth Advisors LLC acquired a new stake in Archer Aviation in the 3rd quarter valued at approximately $26,000. Code Waechter LLC bought a new stake in shares of Archer Aviation in the third quarter valued at approximately $30,000. Azzad Asset Management Inc. ADV bought a new stake in shares of Archer Aviation in the third quarter valued at approximately $31,000. Hollencrest Capital Management grew its stake in shares of Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after acquiring an additional 3,000 shares during the last quarter. Finally, Cyndeo Wealth Partners LLC bought a new position in Archer Aviation during the third quarter worth $36,000. Institutional investors and hedge funds own 59.34% of the company’s stock.

About Archer Aviation

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.