Archer Aviation (NYSE:ACHR) Given New $13.00 Price Target at Needham & Company LLC

Archer Aviation (NYSE:ACHR) had its price objective increased by Needham & Company LLC from $11.00 to $13.00 in a report issued on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research firms have also weighed in on ACHR. Raymond James increased their price objective on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. JPMorgan Chase & Co. lowered shares of Archer Aviation from an “overweight” rating to a “neutral” rating and increased their price objective for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Canaccord Genuity Group dropped their price target on shares of Archer Aviation from $14.00 to $13.00 and set a “buy” rating on the stock in a research report on Wednesday, February 12th. HC Wainwright restated a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a research report on Monday, December 16th. Finally, Cantor Fitzgerald raised their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.61.

Archer Aviation Stock Up 12.0 %

NYSE:ACHR opened at $8.87 on Friday. The firm has a market capitalization of $3.77 billion, a P/E ratio of -6.72 and a beta of 3.14. Archer Aviation has a 1-year low of $2.82 and a 1-year high of $12.48. The company’s fifty day moving average price is $9.60 and its 200-day moving average price is $6.20. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.10. As a group, equities research analysts anticipate that Archer Aviation will post -1.32 EPS for the current year.

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, insider Tosha Perkins sold 150,000 shares of the stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $6.40, for a total transaction of $960,000.00. Following the transaction, the insider now directly owns 197,355 shares of the company’s stock, valued at $1,263,072. This trade represents a 43.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder N.V. Stellantis acquired 751,879 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were bought at an average cost of $6.65 per share, for a total transaction of $4,999,995.35. Following the completion of the acquisition, the insider now owns 60,486,841 shares of the company’s stock, valued at approximately $402,237,492.65. This represents a 1.26 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 1,057,729 shares of company stock valued at $8,473,770 over the last ninety days. Corporate insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Several hedge funds and other institutional investors have recently modified their holdings of ACHR. Miller Wealth Advisors LLC purchased a new position in shares of Archer Aviation in the third quarter worth about $26,000. Sunbelt Securities Inc. purchased a new position in shares of Archer Aviation in the fourth quarter worth about $27,000. Conquis Financial LLC purchased a new position in shares of Archer Aviation in the fourth quarter worth about $29,000. Harbour Investments Inc. lifted its stake in shares of Archer Aviation by 54.7% in the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock worth $30,000 after buying an additional 1,095 shares in the last quarter. Finally, Oarsman Capital Inc. lifted its stake in shares of Archer Aviation by 471.7% in the fourth quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock worth $30,000 after buying an additional 2,547 shares in the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.