Cantor Fitzgerald Reiterates “Overweight” Rating for Archer Aviation (NYSE:ACHR)

Archer Aviation (NYSE:ACHR)‘s stock had its “overweight” rating reiterated by equities research analysts at Cantor Fitzgerald in a research note issued to investors on Monday, Benzinga reports. They currently have a $10.00 price target on the stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 218.98% from the stock’s previous close.

Several other brokerages also recently commented on ACHR. JPMorgan Chase & Co. lifted their price target on Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Benchmark restated a “buy” rating and set a $12.00 price objective on shares of Archer Aviation in a research report on Friday, August 9th. Finally, HC Wainwright initiated coverage on Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective on the stock. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $9.00.

Archer Aviation Stock Up 0.8 %

ACHR opened at $3.14 on Monday. The business has a 50 day moving average price of $3.95 and a 200 day moving average price of $3.96. Archer Aviation has a twelve month low of $3.00 and a twelve month high of $7.01. The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.49 and a current ratio of 4.49. The firm has a market cap of $1.01 billion, a P/E ratio of -1.92 and a beta of 2.32.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share for the quarter, topping the consensus estimate of ($0.38) by $0.07. Research analysts forecast that Archer Aviation will post -1.33 EPS for the current year.

Insider Buying and Selling at Archer Aviation

In related news, major shareholder N.V. Stellantis purchased 2,982,089 shares of the stock in a transaction on Thursday, August 8th. The shares were purchased at an average cost of $3.35 per share, for a total transaction of $9,989,998.15. Following the completion of the transaction, the insider now directly owns 59,734,962 shares of the company’s stock, valued at approximately $200,112,122.70. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 27.17% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors and hedge funds have recently bought and sold shares of ACHR. Alpine Global Management LLC acquired a new position in Archer Aviation in the first quarter worth $5,782,000. Intellectus Partners LLC lifted its stake in shares of Archer Aviation by 136.1% during the second quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock valued at $3,187,000 after acquiring an additional 523,024 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Archer Aviation by 23.9% during the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock valued at $4,651,000 after acquiring an additional 254,460 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Archer Aviation by 19.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,386,406 shares of the company’s stock valued at $8,513,000 after acquiring an additional 228,487 shares during the period. Finally, Raymond James & Associates lifted its stake in shares of Archer Aviation by 44.4% during the second quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock valued at $2,201,000 after acquiring an additional 192,120 shares during the period. Institutional investors and hedge funds own 59.34% of the company’s stock.

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.