Canaccord Genuity Group Raises Archer Aviation (NYSE:ACHR) Price Target to $11.00

Archer Aviation (NYSE:ACHR) had its price objective hoisted by Canaccord Genuity Group from $8.50 to $11.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts have also issued reports about the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a research note on Monday, October 7th. Needham & Company LLC began coverage on Archer Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price target on the stock. Finally, HC Wainwright began coverage on Archer Aviation in a research note on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective for the company. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Archer Aviation has a consensus rating of “Moderate Buy” and an average price target of $10.25.

Archer Aviation Trading Up 17.2 %

NYSE:ACHR opened at $8.40 on Friday. The company has a market capitalization of $3.57 billion, a PE ratio of -6.36 and a beta of 3.19. Archer Aviation has a 52-week low of $2.82 and a 52-week high of $9.84. The stock’s 50 day moving average price is $4.89 and its 200 day moving average price is $4.09. 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 (NYSE:ACHR) last announced its earnings results 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 period last year, the firm posted ($0.19) EPS. On average, research analysts anticipate that Archer Aviation will post -1.28 EPS for the current year.

Insider Buying and Selling

In other news, CEO Adam D. Goldstein sold 805,170 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at $19,432,739.68. This represents a 16.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michael Spellacy sold 63,000 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $7.10, for a total transaction of $447,300.00. Following the completion of the sale, the director now owns 191,513 shares of the company’s stock, valued at $1,359,742.30. This trade represents a 24.75 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders bought 776,791 shares of company stock valued at $5,139,699 and sold 1,571,386 shares valued at $9,236,577. 9.75% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Miller Wealth Advisors LLC acquired a new stake in shares of Archer Aviation during the 3rd quarter valued at approximately $26,000. Code Waechter LLC purchased a new position in Archer Aviation in the 3rd quarter valued at approximately $30,000. Azzad Asset Management Inc. ADV acquired a new position in Archer Aviation during the third quarter worth $31,000. Hollencrest Capital Management boosted its position in Archer Aviation by 50.0% during the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after purchasing an additional 3,000 shares in the last quarter. Finally, CWM LLC grew its holdings in Archer Aviation by 62.0% in the second quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after purchasing an additional 3,559 shares during the last quarter. 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.