Archer Aviation Inc. (NYSE:ACHR - Get Free Report) reached a new 52-week high during trading on Wednesday after Cantor Fitzgerald raised their price target on the stock from $10.00 to $13.00. Cantor Fitzgerald currently has an overweight rating on the stock. Archer Aviation traded as high as $10.33 and last traded at $9.93, with a volume of 18189248 shares trading hands. The stock had previously closed at $9.09.
Other equities analysts also recently issued reports about the stock. Canaccord Genuity Group upped their target price on shares of Archer Aviation from $8.50 to $11.00 and gave the stock a "buy" rating in a research note on Friday, December 13th. HC Wainwright reiterated a "buy" rating and issued a $12.50 target price on shares of Archer Aviation in a research note on Monday. Deutsche Bank Aktiengesellschaft lifted their target price on Archer Aviation from $11.00 to $15.00 and gave the stock a "buy" rating in a report on Friday, December 13th. Finally, Needham & Company LLC assumed coverage on Archer Aviation in a research note on Tuesday, November 19th. They set a "buy" rating and a $11.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $10.63.
Read Our Latest Research Report on ACHR
Insider Activity at Archer Aviation
In other news, CEO Adam D. Goldstein sold 805,170 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following 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 represents a 16.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Deborah Diaz acquired 5,150 shares of the company's stock in a transaction that occurred on Monday, November 25th. The stock was acquired at an average price of $7.48 per share, with a total value of $38,522.00. Following the acquisition, the director now directly owns 98,886 shares of the company's stock, valued at approximately $739,667.28. This represents a 5.49 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 776,791 shares of company stock worth $5,139,699 and have sold 1,571,386 shares worth $9,236,577. 9.75% of the stock is owned by insiders.
Hedge Funds Weigh In On Archer Aviation
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its stake in shares of Archer Aviation by 5.6% in the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company's stock valued at $15,487,000 after acquiring an additional 268,896 shares in the last quarter. HBK Investments L P acquired a new stake in Archer Aviation in the 3rd quarter valued at about $6,818,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Archer Aviation by 5.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company's stock valued at $5,547,000 after buying an additional 94,430 shares during the period. Bank of New York Mellon Corp grew its position 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 worth $4,651,000 after buying an additional 254,460 shares in the last quarter. Finally, Sora Investors LLC purchased a new stake in shares of Archer Aviation during the third quarter worth approximately $3,429,000. Hedge funds and other institutional investors own 59.34% of the company's stock.
Archer Aviation Price Performance
The stock's 50 day moving average is $5.12 and its two-hundred day moving average is $4.18. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The stock has a market capitalization of $3.81 billion, a PE ratio of -6.78 and a beta of 3.19.
Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings data on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.05). During the same quarter in the prior year, the firm earned ($0.19) EPS. As a group, sell-side analysts forecast that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.
About Archer Aviation
(
Get Free Report)
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.
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