Archer Aviation (NYSE:ACHR) Research Coverage Started at Needham & Company LLC

Needham & Company LLC assumed coverage on shares of Archer Aviation (NYSE:ACHR) in a research report released on Tuesday, MarketBeat.com reports. The brokerage issued a buy rating and a $11.00 price target on the stock.

Several other equities research analysts have also commented on the company. 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 target for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a report on Monday, October 7th. Benchmark restated a “buy” rating and set a $12.00 target price on shares of Archer Aviation in a research note on Friday, August 9th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $9.33.

Archer Aviation Stock Performance

Shares of ACHR opened at $5.79 on Tuesday. The stock has a market capitalization of $2.46 billion, a P/E ratio of -4.38 and a beta of 2.29. 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 1 year low of $2.82 and a 1 year high of $7.01. The company’s fifty day moving average is $3.37 and its two-hundred day moving average is $3.63.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter last year, the business posted ($0.19) EPS. On average, sell-side analysts predict that Archer Aviation will post -1.2 earnings per share for the current year.

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, CEO Adam D. Goldstein bought 19,762 shares of Archer Aviation stock in a transaction dated Thursday, November 21st. The stock was bought at an average price of $5.12 per share, for a total transaction of $101,181.44. Following the completion of the acquisition, the chief executive officer now directly owns 2,014,890 shares of the company’s stock, valued at approximately $10,316,236.80. This trade represents a 0.99 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 9.75% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC increased its stake in shares of Archer Aviation by 5.6% in the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after purchasing an additional 268,896 shares during the period. HBK Investments L P acquired a new position in shares of Archer Aviation during the third quarter worth approximately $6,818,000. Charles Schwab Investment Management Inc. boosted its position in shares of Archer Aviation by 5.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock valued at $5,547,000 after acquiring an additional 94,430 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Archer Aviation by 23.9% in the second 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 during the last quarter. Finally, Alpine Global Management LLC bought a new position in Archer Aviation during the first quarter worth $5,782,000. 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.