Archer Aviation’s (ACHR) “Buy” Rating Reiterated at Needham & Company LLC

Archer Aviation (NYSE:ACHR)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a research note issued on Monday,Benzinga reports. They presently have a $13.00 price target on the stock. Needham & Company LLC’s price target points to a potential upside of 79.88% from the company’s current price.

Several other research firms have also recently issued reports on ACHR. Raymond James lifted their price objective on shares of Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a research report on Friday, February 21st. 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 report on Friday, January 10th. 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 report on Friday, February 28th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a research note on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Archer Aviation has a consensus rating of “Moderate Buy” and a consensus price target of $11.61.

Archer Aviation Price Performance

Shares of NYSE:ACHR opened at $7.23 on Monday. The firm’s 50 day simple moving average is $7.94 and its two-hundred day simple moving average is $7.33. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The company has a market capitalization of $3.92 billion, a P/E ratio of -5.47 and a beta of 3.16. Archer Aviation has a 1-year low of $2.82 and a 1-year high of $12.48.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.10. Research analysts expect that Archer Aviation will post -1.32 EPS for the current fiscal year.

Insider Activity

In related news, CTO Thomas Paul Muniz sold 99,224 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction 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. This represents a 8.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Tosha Perkins sold 33,335 shares of the firm’s stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $7.04, for a total transaction of $234,678.40. Following the completion of the sale, the insider now directly owns 262,673 shares of the company’s stock, valued at approximately $1,849,217.92. The trade was a 11.26 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 424,780 shares of company stock valued at $3,158,081. 9.75% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Archer Aviation

Several hedge funds have recently bought and sold shares of the business. Sunbelt Securities Inc. bought a new stake in shares of Archer Aviation during the fourth quarter worth $27,000. Conquis Financial LLC purchased a new stake in Archer Aviation in the 4th quarter valued at about $29,000. Harbour Investments Inc. grew its stake in Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock worth $30,000 after acquiring an additional 1,095 shares in the last quarter. Oarsman Capital Inc. raised its stake in shares of Archer Aviation by 471.7% during the fourth quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock valued at $30,000 after acquiring an additional 2,547 shares in the last quarter. Finally, Anchor Investment Management LLC boosted its holdings in shares of Archer Aviation by 58.3% in the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock valued at $32,000 after purchasing an additional 1,224 shares during the period. 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.