Archer Aviation (NYSE:ACHR) Price Target Raised to $11.00

Archer Aviation (NYSE:ACHR) had its price target raised by Canaccord Genuity Group from $8.50 to $11.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 31.11% from the company’s previous close.

Several other research firms have also weighed in on ACHR. Needham & Company LLC began coverage on shares of Archer Aviation in a report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 target price on the stock. HC Wainwright initiated coverage on Archer Aviation in a report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 target price on the stock. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a research note on Monday, October 7th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $10.25.

Archer Aviation Trading Up 17.0 %

NYSE:ACHR opened at $8.39 on Friday. 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 has a 1-year low of $2.82 and a 1-year high of $9.84. The firm has a market capitalization of $3.57 billion, a price-to-earnings ratio of -6.36 and a beta of 3.19. The business’s 50-day moving average price is $4.89 and its two-hundred day moving average price is $4.09.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter last year, the business posted ($0.19) EPS. On average, equities analysts expect that Archer Aviation will post -1.28 earnings per share for the current year.

Insider Buying and Selling

In other Archer Aviation news, major shareholder N.V. Stellantis acquired 751,879 shares of the stock in a transaction dated Wednesday, December 11th. The shares were bought at an average cost of $6.65 per share, for a total transaction of $4,999,995.35. Following the completion of the acquisition, the insider now directly owns 60,486,841 shares of the company’s stock, valued at approximately $402,237,492.65. This trade represents a 1.26 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Adam D. Goldstein sold 805,170 shares of the 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 transaction, the chief executive officer now owns 4,197,136 shares of the company’s stock, 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. In the last ninety days, insiders purchased 776,791 shares of company stock valued at $5,139,699 and sold 1,571,386 shares valued at $9,236,577. Company insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Miller Wealth Advisors LLC bought a new position in shares of Archer Aviation in the 3rd quarter valued at about $26,000. Code Waechter LLC acquired a new position in Archer Aviation during the third quarter valued at approximately $30,000. Azzad Asset Management Inc. ADV bought a new position in Archer Aviation in the third quarter valued at approximately $31,000. Hollencrest Capital Management increased its position in shares of Archer Aviation by 50.0% during the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after purchasing an additional 3,000 shares during the last quarter. Finally, CWM LLC raised its stake in shares of Archer Aviation by 62.0% during the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after purchasing an additional 3,559 shares in the last quarter. 59.34% of the stock is owned by institutional investors.

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.