Archer Aviation (NYSE:ACHR) Reaches New 52-Week High on Analyst Upgrade

Archer Aviation Inc. (NYSE:ACHR)’s stock price hit a new 52-week high on Wednesday after Cantor Fitzgerald raised their price target on the stock from $10.00 to $13.00. Cantor Fitzgerald currently has an overweight rating on the stock. Archer Aviation traded as high as $10.33 and last traded at $9.93, with a volume of 18189248 shares traded. The stock had previously closed at $9.09.

Several other research analysts also recently commented 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 price target for the company. Canaccord Genuity Group raised their price objective on shares of Archer Aviation from $8.50 to $11.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Deutsche Bank Aktiengesellschaft boosted their target price on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, HC Wainwright reissued a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a research note on Monday. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Archer Aviation currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.63.

Insider Activity at Archer Aviation

In other Archer Aviation news, major shareholder N.V. Stellantis acquired 751,879 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were acquired at an average cost of $6.65 per share, with a total value of $4,999,995.35. Following the transaction, the insider now owns 60,486,841 shares of the company’s stock, valued at $402,237,492.65. The trade was a 1.26 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Tosha Perkins sold 150,000 shares of the stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $6.40, for a total value of $960,000.00. Following the sale, the insider now directly owns 197,355 shares in the company, valued at $1,263,072. This trade represents a 43.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders purchased 776,791 shares of company stock valued at $5,139,699 and sold 1,621,386 shares valued at $9,686,577. 9.75% of the stock is owned by corporate insiders.

Institutional Trading of Archer Aviation

Several large investors have recently modified their holdings of ACHR. HBK Investments L P purchased a new stake in shares of Archer Aviation during the 3rd quarter valued at about $6,818,000. Benjamin Edwards Inc. increased its holdings in Archer Aviation by 12,656.1% during the third quarter. Benjamin Edwards Inc. now owns 106,258 shares of the company’s stock valued at $322,000 after buying an additional 105,425 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Archer Aviation by 5.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock worth $5,547,000 after acquiring an additional 94,430 shares during the period. HITE Hedge Asset Management LLC purchased a new position in shares of Archer Aviation during the 3rd quarter worth $578,000. Finally, XTX Topco Ltd bought a new stake in shares of Archer Aviation during the 3rd quarter valued at $397,000. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Price Performance

The stock has a market capitalization of $3.58 billion, a PE ratio of -6.38 and a beta of 3.19. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The firm has a 50 day moving average price of $5.24 and a 200 day moving average price of $4.22.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data 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 in the previous year, the firm earned ($0.19) earnings per share. Research analysts anticipate that Archer Aviation Inc. will post -1.28 earnings per share for the current year.

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.