Archer Aviation (NYSE:ACHR) Price Target Raised to $13.00

Archer Aviation (NYSE:ACHR) had its price objective lifted by Cantor Fitzgerald from $10.00 to $13.00 in a research report sent to investors on Wednesday,Benzinga reports. Cantor Fitzgerald currently has an overweight rating on the stock.

Several other research analysts have also recently commented on the company. Deutsche Bank Aktiengesellschaft increased their price target on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. HC Wainwright reissued a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a report on Monday, December 16th. Needham & Company LLC began coverage on shares of Archer Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $11.00 target price on the stock. Finally, Canaccord Genuity Group upped their price target on shares of Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Archer Aviation currently has a consensus rating of “Moderate Buy” and an average target price of $10.63.

Archer Aviation Price Performance

NYSE ACHR opened at $9.49 on Wednesday. The firm’s 50 day moving average is $5.48 and its 200-day moving average is $4.29. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $4.04 billion, a PE ratio of -7.19 and a beta of 3.19. Archer Aviation has a 12-month low of $2.82 and a 12-month high of $10.58.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the previous year, the business posted ($0.19) EPS. Equities research analysts anticipate that Archer Aviation will post -1.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Archer Aviation news, Director Michael Spellacy sold 191,513 shares of the stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $10.00, for a total value of $1,915,130.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder N.V. Stellantis acquired 751,879 shares of Archer Aviation stock in a transaction dated Wednesday, December 11th. The shares were purchased at an average price of $6.65 per share, with a total value of $4,999,995.35. Following the acquisition, the insider now 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 disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 776,791 shares of company stock valued at $5,139,699 and sold 1,812,899 shares valued at $11,601,707. Company insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of large investors have recently made changes to their positions in ACHR. HBK Investments L P acquired a new position in Archer Aviation in the 3rd quarter valued at $6,818,000. Benjamin Edwards Inc. boosted its position in shares of Archer Aviation by 12,656.1% in the third quarter. Benjamin Edwards Inc. now owns 106,258 shares of the company’s stock valued at $322,000 after acquiring an additional 105,425 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of 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 valued at $5,547,000 after acquiring an additional 94,430 shares in the last quarter. HITE Hedge Asset Management LLC bought a new position in Archer Aviation during the third quarter worth about $578,000. Finally, XTX Topco Ltd acquired a new stake in Archer Aviation in the 3rd quarter worth about $397,000. 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.