Brokerages Set Archer Aviation Inc. (NYSE:ACHR) Price Target at $10.63

Shares of Archer Aviation Inc. (NYSE:ACHR) have been assigned an average rating of “Moderate Buy” from the eight ratings firms that are covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $11.38.

ACHR has been the subject of several research reports. Deutsche Bank Aktiengesellschaft increased their price objective on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Canaccord Genuity Group increased their price objective on Archer Aviation from $11.00 to $14.00 and gave the company a “buy” rating in a research report on Wednesday. Needham & Company LLC assumed coverage on Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price objective for the company. JPMorgan Chase & Co. lowered Archer Aviation from an “overweight” rating to a “neutral” rating and upped their target price for the company from $6.00 to $9.00 in a research note on Friday. Finally, HC Wainwright restated a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a research note on Monday, December 16th.

Archer Aviation Stock Down 14.6 %

Shares of Archer Aviation stock opened at $8.95 on Wednesday. The stock has a market capitalization of $3.81 billion, a P/E ratio of -6.78 and a beta of 3.15. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a 50 day moving average price of $7.54 and a two-hundred day moving average price of $4.99. Archer Aviation has a 12-month low of $2.82 and a 12-month high of $12.48.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period in the previous year, the company earned ($0.19) earnings per share. Equities analysts expect that Archer Aviation will post -1.28 earnings per share for the current year.

Insiders Place Their Bets

In other Archer Aviation news, major shareholder N.V. Stellantis bought 751,879 shares of the stock in a transaction dated Wednesday, December 11th. The stock was bought at an average cost of $6.65 per share, for a total transaction of $4,999,995.35. Following the completion of the purchase, the insider now owns 60,486,841 shares in the company, valued at $402,237,492.65. This represents a 1.26 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 completion of the sale, the chief executive officer now owns 4,197,136 shares of the company’s stock, valued at approximately $19,432,739.68. This trade represents a 16.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders purchased 776,791 shares of company stock worth $5,139,699 and sold 1,862,899 shares worth $12,201,707. Corporate insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Miller Wealth Advisors LLC acquired a new stake in Archer Aviation in the third quarter worth about $26,000. Versant Capital Management Inc grew its position in shares of Archer Aviation by 74.3% during the 4th quarter. Versant Capital Management Inc now owns 8,048 shares of the company’s stock worth $78,000 after buying an additional 3,430 shares during the period. Hollencrest Capital Management grew its position in shares of 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 period. Code Waechter LLC acquired a new position in shares of Archer Aviation during the 3rd quarter worth about $30,000. Finally, Azzad Asset Management Inc. ADV acquired a new position in shares of Archer Aviation during the 3rd quarter worth about $31,000. 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.