Archer Aviation (NYSE:ACHR) Given Buy Rating at Needham & Company LLC

Archer Aviation (NYSE:ACHR - Get Free Report)'s stock had its "buy" rating reissued by research analysts at Needham & Company LLC in a report issued on Monday,Benzinga reports. They currently have a $13.00 price target on the stock. Needham & Company LLC's price objective points to a potential upside of 61.29% from the company's current price.

Several other brokerages also recently weighed in on ACHR. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an "overweight" rating to a "neutral" rating and increased their target price for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Canaccord Genuity Group increased their price objective on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a research report on Friday, February 28th. HC Wainwright restated a "buy" rating and set a $12.50 target price on shares of Archer Aviation in a research report on Friday, February 28th. Finally, Raymond James increased their price target on Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a report on Friday, February 21st. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $11.61.

Archer Aviation Price Performance

Shares of NYSE ACHR traded up $0.72 during midday trading on Monday, reaching $8.06. 26,841,874 shares of the stock traded hands, compared to its average volume of 20,719,853. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. Archer Aviation has a one year low of $2.82 and a one year high of $12.48. The company's 50 day moving average is $7.81 and its 200 day moving average is $7.36. The stock has a market capitalization of $4.37 billion, a PE ratio of -6.11 and a beta of 3.16.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.10. On average, equities research analysts anticipate that Archer Aviation will post -1.32 earnings per share for the current year.

Insider Activity at Archer Aviation

In other Archer Aviation news, insider Tosha Perkins sold 33,335 shares of the firm's stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $7.04, for a total value of $234,678.40. Following the completion of the sale, the insider now directly owns 262,673 shares in the company, valued at $1,849,217.92. This trade represents a 11.26 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Thomas Paul Muniz sold 99,224 shares of the company's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $764,024.80. Following the transaction, the chief technology officer now directly owns 1,131,443 shares in the company, valued at approximately $8,712,111.10. The trade was a 8.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 424,780 shares of company stock worth $3,158,081 over the last three months. 9.75% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ACHR. ARK Investment Management LLC boosted its holdings in Archer Aviation by 27.1% in the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock worth $291,643,000 after acquiring an additional 6,371,647 shares in the last quarter. Renaissance Technologies LLC acquired a new position in Archer Aviation during the fourth quarter valued at $42,709,000. Alyeska Investment Group L.P. lifted its holdings in shares of Archer Aviation by 158.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock valued at $48,748,000 after buying an additional 3,064,280 shares during the period. Two Sigma Investments LP grew its stake in shares of Archer Aviation by 3,166.8% during the 4th quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company's stock worth $29,377,000 after purchasing an additional 2,920,752 shares during the period. Finally, Vanguard Group Inc. grew its position in Archer Aviation by 21.4% during the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock valued at $160,682,000 after buying an additional 2,908,859 shares during the period. 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.