Archer Aviation (NYSE:ACHR) Stock Price Expected to Rise, Cantor Fitzgerald Analyst Says

Archer Aviation (NYSE:ACHR) had its target price increased by equities researchers at Cantor Fitzgerald from $10.00 to $13.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Cantor Fitzgerald’s price objective indicates a potential upside of 54.39% from the stock’s previous close.

Several other research analysts have also recently weighed in on ACHR. HC Wainwright reiterated a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a report on Monday. Needham & Company LLC assumed coverage on shares of Archer Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $11.00 target price for the company. Canaccord Genuity Group lifted their price target on Archer Aviation from $8.50 to $11.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target 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 assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.63.

Archer Aviation Trading Down 5.9 %

Shares of ACHR opened at $8.42 on Wednesday. The stock’s fifty day simple moving average is $5.35 and its 200-day simple moving average is $4.25. The firm has a market capitalization of $3.58 billion, a PE ratio of -6.38 and a beta of 3.19. Archer Aviation has a 12-month low of $2.82 and a 12-month high of $10.58. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

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 business posted ($0.19) EPS. As a group, research analysts predict that Archer Aviation will post -1.28 earnings per share for the current year.

Insiders Place Their Bets

In related news, CTO Thomas Paul Muniz sold 50,000 shares of the firm’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $9.00, for a total value of $450,000.00. Following the completion of the sale, the chief technology officer now directly owns 1,120,360 shares in the company, valued at approximately $10,083,240. This trade represents a 4.27 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Deborah Diaz purchased 5,150 shares of the stock in a transaction on Monday, November 25th. The shares were acquired at an average cost of $7.48 per share, for a total transaction of $38,522.00. Following the transaction, the director now owns 98,886 shares of the company’s stock, valued at approximately $739,667.28. The trade was a 5.49 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 776,791 shares of company stock valued at $5,139,699 and have sold 1,621,386 shares valued at $9,686,577. Insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its position in Archer Aviation by 5.6% during the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after acquiring an additional 268,896 shares during the last quarter. HBK Investments L P acquired a new stake in Archer Aviation during the 3rd quarter worth approximately $6,818,000. Charles Schwab Investment Management Inc. boosted its stake in Archer Aviation by 5.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock valued at $5,547,000 after purchasing an additional 94,430 shares during the period. Bank of New York Mellon Corp increased its position in Archer Aviation by 23.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after buying an additional 254,460 shares during the period. Finally, Sora Investors LLC acquired a new stake in shares of Archer Aviation during the third quarter worth $3,429,000. Institutional investors 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.