Canaccord Genuity Group Has Lowered Expectations for Archer Aviation (NYSE:ACHR) Stock Price

Archer Aviation (NYSE:ACHR) had its price target cut by research analysts at Canaccord Genuity Group from $14.00 to $13.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 36.63% from the company’s previous close.

Several other brokerages also recently issued reports on ACHR. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Cantor Fitzgerald boosted their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, December 13th. HC Wainwright reaffirmed a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a report on Monday, December 16th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $11.00 target price on shares of Archer Aviation in a report on Thursday, January 16th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Archer Aviation has a consensus rating of “Moderate Buy” and an average target price of $11.25.

Archer Aviation Trading Up 1.7 %

NYSE:ACHR opened at $9.52 on Wednesday. Archer Aviation has a 12 month low of $2.82 and a 12 month high of $12.48. The firm has a market cap of $4.05 billion, a price-to-earnings ratio of -7.21 and a beta of 3.13. 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 company’s 50 day moving average is $9.35 and its 200-day moving average is $5.81.

Insider Buying and Selling at Archer Aviation

In related news, CTO Thomas Paul Muniz sold 50,000 shares of the stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total value of $600,000.00. Following the sale, the chief technology officer now directly owns 1,070,360 shares in the company, valued at $12,844,320. This trade represents a 4.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Michael Spellacy sold 191,513 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $10.00, for a total transaction of $1,915,130.00. The disclosure for this sale can be found here. In the last three months, insiders have acquired 776,791 shares of company stock worth $5,139,699 and have sold 1,862,899 shares worth $12,201,707. Corporate insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

Large investors have recently bought and sold shares of the business. Miller Wealth Advisors LLC bought a new position in shares of Archer Aviation during the 3rd quarter worth approximately $26,000. Conquis Financial LLC bought a new position in shares of Archer Aviation during the 4th quarter worth approximately $29,000. Harbour Investments Inc. grew its stake in shares of Archer Aviation by 54.7% during the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock worth $30,000 after acquiring an additional 1,095 shares in the last quarter. Oarsman Capital Inc. grew its stake in shares of Archer Aviation by 471.7% during the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock worth $30,000 after acquiring an additional 2,547 shares in the last quarter. Finally, Anchor Investment Management LLC grew its stake in shares of Archer Aviation by 58.3% during the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock worth $32,000 after acquiring an additional 1,224 shares in the last quarter. 59.34% of the stock is owned by 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.