Cantor Fitzgerald Reaffirms “Overweight” Rating for Archer Aviation (NYSE:ACHR)

Cantor Fitzgerald reissued their overweight rating on shares of Archer Aviation (NYSE:ACHR) in a research note issued to investors on Monday, Benzinga reports. Cantor Fitzgerald currently has a $10.00 target price on the stock.

ACHR has been the topic of a number of other research reports. HC Wainwright started coverage on Archer Aviation in a research note on Tuesday, September 3rd. They set a buy rating and a $12.50 price objective on the stock. Benchmark restated a buy rating and issued a $12.00 price target on shares of Archer Aviation in a report on Friday, August 9th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Archer Aviation from $5.00 to $6.00 and gave the company an overweight rating in a research note on Wednesday, July 24th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $9.00.

Archer Aviation Stock Performance

Archer Aviation stock opened at $3.06 on Monday. The company has a market cap of $990.09 million, a price-to-earnings ratio of -1.88 and a beta of 2.32. Archer Aviation has a 12 month low of $3.00 and a 12 month high of $7.01. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.49 and a quick ratio of 4.49. The stock’s 50-day moving average is $3.90 and its 200-day moving average is $3.94.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.31) EPS for the quarter, beating the consensus estimate of ($0.38) by $0.07. Equities analysts anticipate that Archer Aviation will post -1.33 earnings per share for the current year.

Insider Activity

In related news, major shareholder N.V. Stellantis purchased 2,982,089 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was acquired at an average price of $3.35 per share, for a total transaction of $9,989,998.15. Following the completion of the purchase, the insider now owns 59,734,962 shares in the company, valued at $200,112,122.70. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 27.17% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds have recently bought and sold shares of ACHR. Hollencrest Capital Management lifted its holdings in 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 buying an additional 3,000 shares during the last quarter. CWM LLC lifted its stake in Archer Aviation by 62.0% during the second quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after purchasing an additional 3,559 shares during the last quarter. Csenge Advisory Group acquired a new position in Archer Aviation in the second quarter worth $39,000. Tidal Investments LLC bought a new stake in Archer Aviation during the first quarter valued at $49,000. Finally, Choreo LLC acquired a new position in shares of Archer Aviation in the 2nd quarter valued at about $49,000. 59.34% of the stock is currently 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.