Archer Aviation (NYSE:ACHR) Given New $13.00 Price Target at Canaccord Genuity Group

Archer Aviation (NYSE:ACHR - Free Report) had its price objective cut by Canaccord Genuity Group from $14.00 to $13.00 in a report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

ACHR has been the topic of several other reports. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the company a "buy" rating in a research report on Friday, December 13th. Needham & Company LLC reissued a "buy" rating and set a $11.00 price objective on shares of Archer Aviation in a research report on Thursday, January 16th. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an "overweight" rating to a "neutral" rating and increased their price objective for the company from $6.00 to $9.00 in a research report on Friday, January 10th. Cantor Fitzgerald upped 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. Finally, HC Wainwright restated a "buy" rating and set a $12.50 target price on shares of Archer Aviation in a research note on Monday, December 16th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $11.25.

Archer Aviation Stock Up 8.5 %

Shares of NYSE:ACHR traded up $0.81 during midday trading on Wednesday, reaching $10.33. The company's stock had a trading volume of 50,143,838 shares, compared to its average volume of 23,369,936. The firm has a 50 day moving average of $9.43 and a 200-day moving average of $5.88. The firm has a market capitalization of $4.39 billion, a P/E ratio of -7.82 and a beta of 3.13. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. Archer Aviation has a 12-month low of $2.82 and a 12-month high of $12.48.

Insider Buying and Selling

In related news, CTO Thomas Paul Muniz sold 50,000 shares of Archer Aviation stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $12.00, for a total value of $600,000.00. Following the completion of the sale, the chief technology officer now directly owns 1,070,360 shares in the company, valued at $12,844,320. The trade was a 4.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Adam D. Goldstein sold 805,170 shares of Archer Aviation stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total value of $3,727,937.10. Following the completion of the transaction, the chief executive officer now owns 4,197,136 shares in the company, valued at $19,432,739.68. This trade represents a 16.10 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders purchased 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 corporate insiders.

Hedge Funds Weigh In On Archer Aviation

Several institutional investors and hedge funds have recently added to or reduced their stakes in ACHR. Barclays PLC boosted its position in Archer Aviation by 272.7% in the third quarter. Barclays PLC now owns 427,023 shares of the company's stock valued at $1,294,000 after buying an additional 312,440 shares during the last quarter. HBK Investments L P purchased a new position in shares of Archer Aviation during the 3rd quarter valued at approximately $6,818,000. Yarbrough Capital LLC purchased a new position in shares of Archer Aviation during the 4th quarter valued at approximately $6,039,000. Benjamin Edwards Inc. lifted its position in shares of Archer Aviation by 12,656.1% during the 3rd quarter. Benjamin Edwards Inc. now owns 106,258 shares of the company's stock valued at $322,000 after buying an additional 105,425 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Archer Aviation by 5.4% during 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 in the last quarter. Hedge funds and other institutional investors 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.