Brokerages Set Archer Aviation Inc. (NYSE:ACHR) Price Target at $11.61

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) have earned an average recommendation of "Moderate Buy" from the nine brokerages that are covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $11.61.

ACHR has been the subject of several recent analyst reports. Cantor Fitzgerald raised their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a research note on Wednesday, December 18th. Needham & Company LLC raised their price objective on Archer Aviation from $11.00 to $13.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Canaccord Genuity Group boosted their target price on Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a research note on Friday, February 28th. JPMorgan Chase & Co. lowered Archer Aviation from an "overweight" rating to a "neutral" rating and upped their target price for the company from $6.00 to $9.00 in a research report on Friday, January 10th. Finally, HC Wainwright reissued a "buy" rating and issued a $12.50 price target on shares of Archer Aviation in a report on Friday, February 28th.

Archer Aviation Stock Down 7.6 %

ACHR stock traded down $0.60 during trading on Monday, reaching $7.26. 23,798,717 shares of the company traded hands, compared to its average volume of 19,470,038. The business has a 50 day simple moving average of $8.75 and a 200 day simple moving average of $6.89. Archer Aviation has a 12 month low of $2.82 and a 12 month high of $12.48. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The company has a market capitalization of $3.94 billion, a price-to-earnings ratio of -5.50 and a beta of 3.14.

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Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, beating analysts' consensus estimates 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 fiscal year.

Insider Transactions at Archer Aviation

In related news, CFO Mark Mesler sold 62,258 shares of Archer Aviation stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $479,386.60. Following the completion of the transaction, the chief financial officer now directly owns 630,243 shares in the company, valued at approximately $4,852,871.10. This trade represents a 8.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Thomas Paul Muniz sold 99,224 shares of the company's stock in a transaction that occurred 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 completion of the sale, the chief technology officer now owns 1,131,443 shares in the company, valued at approximately $8,712,111.10. This represents a 8.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 303,985 shares of company stock worth $2,555,685 over the last 90 days. 9.75% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

Several large investors have recently made changes to their positions in ACHR. Wellington Management Group LLP purchased a new position in Archer Aviation in the fourth quarter valued at $15,912,000. California State Teachers Retirement System grew its position in shares of Archer Aviation by 26.2% during the 4th quarter. California State Teachers Retirement System now owns 241,396 shares of the company's stock valued at $2,354,000 after acquiring an additional 50,104 shares during the period. Total Wealth Planning & Management Inc. purchased a new position in shares of Archer Aviation in the 4th quarter valued at about $450,000. Infinitum Asset Management LLC acquired a new position in Archer Aviation in the 4th quarter worth about $10,844,000. Finally, Sunbelt Securities Inc. purchased a new position in Archer Aviation during the fourth quarter worth approximately $27,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.