Archer Aviation (NYSE:ACHR) Price Target Raised to $14.00

Archer Aviation (NYSE:ACHR) had its price objective upped by stock analysts at Canaccord Genuity Group from $11.00 to $14.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 25.56% from the company’s previous close.

ACHR has been the topic of a number of other research reports. Needham & Company LLC initiated coverage on shares of Archer Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $11.00 price target on the stock. Cantor Fitzgerald raised their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. HC Wainwright restated a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a research report on Monday, December 16th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective 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 issued a buy rating to the company. Based on data from MarketBeat.com, Archer Aviation currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.00.

Archer Aviation Price Performance

Archer Aviation stock opened at $11.15 on Wednesday. The stock has a market cap of $4.74 billion, a price-to-earnings ratio of -8.45 and a beta of 3.15. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. Archer Aviation has a 1 year low of $2.82 and a 1 year high of $12.48. The firm has a 50-day moving average of $7.25 and a two-hundred day moving average of $4.92.

Archer Aviation (NYSE:ACHR) last posted its quarterly 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 quarter last year, the company posted ($0.19) EPS. On average, research analysts forecast that Archer Aviation will post -1.28 earnings per share for the current year.

Insider Activity

In related news, CEO Adam D. Goldstein acquired 19,762 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were bought at an average price of $5.12 per share, with a total value of $101,181.44. Following the completion of the acquisition, the chief executive officer now owns 2,014,890 shares in the company, valued at $10,316,236.80. This trade represents a 0.99 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder N.V. Stellantis acquired 751,879 shares of the business’s stock in a transaction on 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 acquisition, the insider now owns 60,486,841 shares of the company’s stock, valued at $402,237,492.65. This represents a 1.26 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 776,791 shares of company stock valued at $5,139,699 and sold 1,812,899 shares valued at $11,601,707. Insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors have recently modified their holdings of the business. Geode Capital Management LLC increased its holdings in shares of Archer Aviation by 5.6% in the 3rd quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock valued at $15,487,000 after acquiring an additional 268,896 shares during the period. HBK Investments L P purchased a new position in Archer Aviation in the 3rd quarter valued at $6,818,000. Charles Schwab Investment Management Inc. grew its position 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 buying an additional 94,430 shares during the last quarter. Bank of New York Mellon Corp grew its position in Archer Aviation by 23.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock valued at $4,651,000 after buying an additional 254,460 shares during the last quarter. Finally, Sora Investors LLC purchased a new position in Archer Aviation in the 3rd quarter valued at $3,429,000. 59.34% of the stock is owned by institutional investors and hedge funds.

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.