Canaccord Genuity Group Forecasts Strong Price Appreciation for Archer Aviation (NYSE:ACHR) Stock

Archer Aviation (NYSE:ACHR) had its price target hoisted by investment analysts at Canaccord Genuity Group from $11.00 to $14.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 33.33% from the company’s current price.

Several other research firms have also issued reports on ACHR. Needham & Company LLC started coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price target on the stock. Deutsche Bank Aktiengesellschaft increased their price objective on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Cantor Fitzgerald boosted their target price on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a report on Monday, December 16th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $11.00.

Archer Aviation Trading Down 5.7 %

ACHR opened at $10.50 on Wednesday. The firm has a market capitalization of $4.47 billion, a price-to-earnings ratio of -7.95 and a beta of 3.15. The company’s 50 day moving average price is $7.39 and its two-hundred day moving average price is $4.96. 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 fifty-two week low of $2.82 and a fifty-two week high of $12.48.

Archer Aviation (NYSE:ACHR) last issued its 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 period last year, the company earned ($0.19) EPS. As a group, research analysts predict that Archer Aviation will post -1.28 earnings per share for the current year.

Insider Transactions at Archer Aviation

In other Archer Aviation news, CEO Adam D. Goldstein sold 805,170 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the completion of the transaction, the chief executive officer now owns 4,197,136 shares of the company’s stock, valued at $19,432,739.68. This represents a 16.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Deborah Diaz acquired 5,150 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was acquired at an average price of $7.48 per share, for a total transaction of $38,522.00. Following the completion of the transaction, the director now owns 98,886 shares in the company, valued at approximately $739,667.28. The trade was a 5.49 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 776,791 shares of company stock worth $5,139,699 and have sold 1,812,899 shares worth $11,601,707. Company insiders own 9.75% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. HBK Investments L P purchased a new stake in shares of Archer Aviation in the 3rd quarter worth about $6,818,000. Sora Investors LLC purchased a new stake in Archer Aviation in the third quarter worth about $3,429,000. Stifel Financial Corp boosted its position in Archer Aviation by 574.5% during the 3rd quarter. Stifel Financial Corp now owns 459,171 shares of the company’s stock valued at $1,391,000 after acquiring an additional 391,092 shares in the last quarter. Barclays PLC grew its holdings in shares of Archer Aviation by 272.7% during the 3rd quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after acquiring an additional 312,440 shares during the period. Finally, Geode Capital Management LLC raised its position 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 worth $15,487,000 after acquiring an additional 268,896 shares in the last quarter. 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.