Canaccord Genuity Group Issues Positive Forecast for Archer Aviation (NYSE:ACHR) Stock Price

Archer Aviation (NYSE:ACHR) had its price objective upped by Canaccord Genuity Group from $8.50 to $11.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts also recently issued reports on the stock. Needham & Company LLC began coverage on shares of Archer Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price target on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a research report on Monday, October 7th. Finally, HC Wainwright initiated coverage on Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price target for the company. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $10.25.

Archer Aviation Stock Up 17.2 %

ACHR stock opened at $8.40 on Friday. The firm has a market cap of $3.57 billion, a PE ratio of -6.36 and a beta of 3.19. Archer Aviation has a one year low of $2.82 and a one year high of $9.84. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The firm’s 50 day moving average price is $4.89 and its 200-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) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter last year, the business earned ($0.19) earnings per share. On average, equities research analysts anticipate that Archer Aviation will post -1.28 EPS for the current year.

Insider Buying and Selling

In other news, CEO Adam D. Goldstein sold 805,170 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total value of $3,727,937.10. Following the sale, the chief executive officer now directly owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. This trade represents a 16.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Thomas Paul Muniz sold 438,428 shares of the business’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $7.59, for a total transaction of $3,327,668.52. Following the transaction, the chief technology officer now owns 1,170,360 shares of the company’s stock, valued at approximately $8,883,032.40. The trade was a 27.25 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders purchased 776,791 shares of company stock valued at $5,139,699 and sold 1,571,386 shares valued at $9,236,577. 9.75% of the stock is currently owned by insiders.

Institutional Trading of Archer Aviation

A number of institutional investors have recently bought and sold shares of ACHR. Geode Capital Management LLC raised its position in shares of Archer Aviation by 5.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after acquiring an additional 268,896 shares in the last quarter. HBK Investments L P acquired a new position in Archer Aviation in the third quarter valued at approximately $6,818,000. Charles Schwab Investment Management Inc. increased its stake 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 valued at $5,547,000 after purchasing an additional 94,430 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Archer Aviation by 23.9% during the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after purchasing an additional 254,460 shares in the last quarter. Finally, Sora Investors LLC purchased a new stake in shares of Archer Aviation during the 3rd quarter worth approximately $3,429,000. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.