Needham & Company LLC Reaffirms Buy Rating for Archer Aviation (NYSE:ACHR)

Archer Aviation (NYSE:ACHR)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a note issued to investors on Thursday,Benzinga reports. They currently have a $11.00 price target on the stock. Needham & Company LLC’s target price points to a potential upside of 25.07% from the stock’s previous close.

Several other research firms have also commented on ACHR. Deutsche Bank Aktiengesellschaft raised their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Cantor Fitzgerald lifted their price target on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. 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. Canaccord Genuity Group raised their price objective on Archer Aviation from $11.00 to $14.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Finally, JPMorgan Chase & Co. downgraded Archer Aviation from an “overweight” rating to a “neutral” rating and upped their target price for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Archer Aviation presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.38.

Archer Aviation Stock Down 3.2 %

Shares of ACHR opened at $8.80 on Thursday. The company has a market capitalization of $3.74 billion, a price-to-earnings ratio of -6.66 and a beta of 3.15. Archer Aviation has a 52 week low of $2.82 and a 52 week high of $12.48. The stock’s 50-day moving average price is $8.17 and its 200-day moving average price is $5.21. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data 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 period last year, the firm posted ($0.19) earnings per share. On average, sell-side analysts predict that Archer Aviation will post -1.33 EPS for the current year.

Insider Transactions at Archer Aviation

In other news, CEO Adam D. Goldstein sold 805,170 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly 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 transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Tosha Perkins sold 150,000 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $6.40, for a total transaction of $960,000.00. Following the transaction, the insider now owns 197,355 shares in the company, valued at $1,263,072. The trade was a 43.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 776,791 shares of company stock valued at $5,139,699 and have sold 1,862,899 shares valued at $12,201,707. Corporate insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

A number of large investors have recently made changes to their positions in the stock. Miller Wealth Advisors LLC acquired a new position in Archer Aviation during the third quarter worth $26,000. Code Waechter LLC purchased a new position in shares of Archer Aviation during the 3rd quarter worth $30,000. Azzad Asset Management Inc. ADV acquired a new position in shares of Archer Aviation during the 3rd quarter valued at about $31,000. Hollencrest Capital Management grew its holdings in shares of Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after purchasing an additional 3,000 shares during the period. Finally, Cyndeo Wealth Partners LLC acquired a new stake in Archer Aviation during the third quarter worth about $36,000. 59.34% of the stock is currently 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.