Archer Aviation (NYSE:ACHR) Given New $13.00 Price Target at Cantor Fitzgerald

Archer Aviation (NYSE:ACHR) had its price target upped by investment analysts at Cantor Fitzgerald from $10.00 to $13.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Cantor Fitzgerald’s price objective indicates a potential upside of 43.33% from the stock’s previous close.

ACHR has been the topic of several other reports. Needham & Company LLC assumed coverage on Archer Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price objective on the stock. Canaccord Genuity Group increased their price objective on Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Deutsche Bank Aktiengesellschaft increased their price target on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Finally, HC Wainwright reissued a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a research report on Monday. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $10.63.

Archer Aviation Stock Performance

Shares of NYSE ACHR opened at $9.07 on Wednesday. The firm has a market capitalization of $3.86 billion, a price-to-earnings ratio of -6.87 and a beta of 3.19. Archer Aviation has a one year low of $2.82 and a one year high of $9.84. The business has a fifty day simple moving average of $5.00 and a 200 day simple moving average of $4.14. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter in the prior year, the business posted ($0.19) EPS. Sell-side analysts expect that Archer Aviation will post -1.28 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Adam D. Goldstein sold 805,170 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total value of $3,727,937.10. Following the transaction, the chief executive officer now owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. This trade 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 is accessible through this link. Also, Director Deborah Diaz purchased 5,150 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was bought at an average cost of $7.48 per share, with a total value of $38,522.00. Following the purchase, the director now owns 98,886 shares of the company’s stock, valued at $739,667.28. This represents a 5.49 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 776,791 shares of company stock worth $5,139,699 and sold 1,571,386 shares worth $9,236,577. Corporate insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Several hedge funds have recently bought and sold shares of ACHR. CWM LLC lifted its holdings in shares of Archer Aviation by 62.0% during the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after acquiring an additional 3,559 shares during the period. Raymond James & Associates raised its position in Archer Aviation by 44.4% during the second quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock valued at $2,201,000 after purchasing an additional 192,120 shares in the last quarter. Hennion & Walsh Asset Management Inc. lifted its stake in Archer Aviation by 40.9% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 46,058 shares of the company’s stock worth $162,000 after purchasing an additional 13,377 shares during the last quarter. Fullcircle Wealth LLC acquired a new stake in shares of Archer Aviation in the 2nd quarter valued at $70,000. Finally, Bank of New York Mellon Corp increased its stake in shares of Archer Aviation by 23.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock valued at $4,651,000 after purchasing an additional 254,460 shares during the last quarter. 59.34% of the stock is owned by institutional investors.

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.