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

Archer Aviation (NYSE:ACHR) had its target price raised by Cantor Fitzgerald from $10.00 to $13.00 in a report released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages have also recently issued reports on ACHR. Needham & Company LLC started coverage on shares of 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 lifted their price target on Archer Aviation from $8.50 to $11.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Deutsche Bank Aktiengesellschaft upped their price objective on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, HC Wainwright reiterated a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a research report on Monday, December 16th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $10.63.

Archer Aviation Stock Performance

ACHR opened at $9.49 on Wednesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. Archer Aviation has a 52-week low of $2.82 and a 52-week high of $10.58. The firm has a market cap of $4.04 billion, a P/E ratio of -7.19 and a beta of 3.19. The business’s fifty day moving average is $5.48 and its 200-day moving average is $4.29.

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 period in the previous year, the business posted ($0.19) EPS. Sell-side analysts expect that Archer Aviation will post -1.28 EPS for the current fiscal year.

Insiders Place Their Bets

In other Archer Aviation news, CEO Adam D. Goldstein sold 805,170 shares of the company’s stock in a transaction that occurred on 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 directly owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. This represents a 16.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Michael Spellacy sold 191,513 shares of the firm’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $10.00, for a total transaction of $1,915,130.00. The disclosure for this sale can be found here. In the last 90 days, insiders bought 776,791 shares of company stock valued at $5,139,699 and sold 1,812,899 shares valued at $11,601,707. Insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC increased its position in shares of Archer Aviation by 5.6% during the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after buying an additional 268,896 shares during the period. HBK Investments L P bought a new stake in Archer Aviation during the third quarter valued at $6,818,000. Charles Schwab Investment Management Inc. grew its holdings in 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 worth $5,547,000 after acquiring an additional 94,430 shares during the period. Bank of New York Mellon Corp raised its position 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 worth $4,651,000 after acquiring an additional 254,460 shares in the last quarter. Finally, Sora Investors LLC acquired a new position in shares of Archer Aviation in the 3rd quarter valued at about $3,429,000. Institutional investors and hedge funds 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.