Archer Aviation (NYSE:ACHR) Price Target Raised to $13.50 at Canaccord Genuity Group

Archer Aviation (NYSE:ACHR) had its price objective raised by Canaccord Genuity Group from $13.00 to $13.50 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts have also recently commented on ACHR. Needham & Company LLC lifted their target price on shares of Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a report on Friday. Cantor Fitzgerald boosted their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. JPMorgan Chase & Co. cut shares of Archer Aviation from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $6.00 to $9.00 in a research note on Friday, January 10th. HC Wainwright reissued a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a research note on Friday. Finally, Raymond James boosted their price objective on shares of Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $11.61.

Archer Aviation Stock Performance

Shares of Archer Aviation stock opened at $8.87 on Friday. The firm’s fifty day simple moving average is $9.60 and its 200-day simple moving average is $6.20. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of -6.72 and a beta of 3.14. Archer Aviation has a 12 month low of $2.82 and a 12 month high of $12.48. 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 (NYSE:ACHR) last announced its earnings results on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.10. As a group, equities analysts forecast that Archer Aviation will post -1.32 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Tosha Perkins sold 150,000 shares of the business’s stock in a transaction dated 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. The trade was a 43.18 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Eric Lentell sold 114,788 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $6.74, for a total transaction of $773,671.12. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,057,729 shares of company stock worth $8,473,770. Corporate insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Several institutional investors and hedge funds have recently made changes to their positions in ACHR. Creative Planning boosted its position in shares of Archer Aviation by 74.1% in the 3rd quarter. Creative Planning now owns 28,851 shares of the company’s stock worth $87,000 after buying an additional 12,278 shares in the last quarter. PFG Investments LLC boosted its position in shares of Archer Aviation by 36.0% in the 3rd quarter. PFG Investments LLC now owns 19,629 shares of the company’s stock worth $59,000 after buying an additional 5,200 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its position in shares of Archer Aviation by 13.5% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 37,820 shares of the company’s stock worth $115,000 after buying an additional 4,505 shares in the last quarter. Fullcircle Wealth LLC boosted its position in shares of Archer Aviation by 138.0% in the 3rd quarter. Fullcircle Wealth LLC now owns 47,601 shares of the company’s stock worth $144,000 after buying an additional 27,601 shares in the last quarter. Finally, Vestor Capital LLC purchased a new stake in shares of Archer Aviation in the 3rd quarter worth about $61,000. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.