Archer Aviation (NYSE:ACHR) Price Target Cut to $13.00 by Analysts at Canaccord Genuity Group

Archer Aviation (NYSE:ACHR - Free Report) had its price target trimmed by Canaccord Genuity Group from $14.00 to $13.00 in a report published on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

Other research analysts have also issued reports about the stock. Deutsche Bank Aktiengesellschaft raised their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the company a "buy" rating in a report on Friday, December 13th. Cantor Fitzgerald increased their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a research report on Wednesday, December 18th. JPMorgan Chase & Co. lowered shares of Archer Aviation from an "overweight" rating to a "neutral" rating and raised their price target for the stock from $6.00 to $9.00 in a research report on Friday, January 10th. HC Wainwright reaffirmed a "buy" rating and set a $12.50 price objective on shares of Archer Aviation in a research note on Monday, December 16th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $11.00 price target on shares of Archer Aviation in a research note on Thursday, January 16th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $11.25.

Archer Aviation Price Performance

ACHR stock traded up $0.81 during trading on Wednesday, hitting $10.33. 50,143,838 shares of the stock traded hands, compared to its average volume of 23,369,936. Archer Aviation has a 1 year low of $2.82 and a 1 year high of $12.48. The firm's 50 day moving average is $9.43 and its two-hundred day moving average is $5.89. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03.

Insider Buying and Selling at Archer Aviation

In other news, Director Deborah Diaz bought 5,150 shares of the stock in a transaction on Monday, November 25th. The shares were bought at an average price of $7.48 per share, with a total value of $38,522.00. Following the completion of the acquisition, the director now owns 98,886 shares of the company's stock, valued at approximately $739,667.28. This trade represents a 5.49 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder N.V. Stellantis acquired 751,879 shares of the firm's stock in a transaction that occurred on Wednesday, December 11th. The shares were bought at an average cost of $6.65 per share, for a total transaction of $4,999,995.35. Following the purchase, the insider now owns 60,486,841 shares of the company's stock, valued at approximately $402,237,492.65. The trade was a 1.26 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 776,791 shares of company stock worth $5,139,699 and sold 1,862,899 shares worth $12,201,707. 9.75% of the stock is owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

A number of hedge funds have recently bought and sold shares of ACHR. Miller Wealth Advisors LLC bought a new stake in Archer Aviation during the 3rd quarter valued at $26,000. Conquis Financial LLC purchased a new position in Archer Aviation in the fourth quarter valued at about $29,000. Harbour Investments Inc. lifted its position in shares of Archer Aviation by 54.7% in the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock worth $30,000 after buying an additional 1,095 shares during the last quarter. Oarsman Capital Inc. lifted its position 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 purchasing an additional 2,547 shares during the last quarter. Finally, Anchor Investment Management LLC raised its holdings in shares of Archer Aviation by 58.3% in the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock worth $32,000 after buying an additional 1,224 shares in the last quarter. 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.