Canaccord Genuity Group Forecasts Strong Price Appreciation for Archer Aviation (NYSE:ACHR) Stock

Archer Aviation (NYSE:ACHR) had its price target upped by Canaccord Genuity Group from $8.50 to $11.00 in a research note published on Friday,Benzinga reports. They currently have a buy rating on the stock.

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

Archer Aviation Price Performance

Shares of ACHR opened at $8.39 on Friday. 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 fifty-two week low of $2.82 and a fifty-two week high of $9.84. The firm has a 50-day simple moving average of $4.89 and a 200-day simple moving average of $4.10. The company has a market capitalization of $3.57 billion, a price-to-earnings ratio of -6.36 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the prior year, the firm posted ($0.19) earnings per share. On average, equities research analysts anticipate that Archer Aviation will post -1.28 earnings per share for the current year.

Insider Activity

In other news, CEO Adam D. Goldstein sold 805,170 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the sale, the chief executive officer now owns 4,197,136 shares of the company’s stock, valued at $19,432,739.68. The trade was a 16.10 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Tosha Perkins sold 150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $6.40, for a total value of $960,000.00. Following the completion of the transaction, the insider now directly owns 197,355 shares of the company’s stock, valued at $1,263,072. The trade was a 43.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders purchased 776,791 shares of company stock worth $5,139,699 and sold 1,571,386 shares worth $9,236,577. Insiders own 9.75% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Hollencrest Capital Management grew its stake in Archer Aviation by 50.0% in the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after acquiring an additional 3,000 shares during the last quarter. Townsquare Capital LLC lifted its holdings in shares of Archer Aviation by 25.6% in the third quarter. Townsquare Capital LLC now owns 14,877 shares of the company’s stock valued at $45,000 after purchasing an additional 3,033 shares in the last quarter. Tidal Investments LLC grew its position in shares of Archer Aviation by 29.9% in the third quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock valued at $44,000 after purchasing an additional 3,339 shares during the last quarter. Hsbc Holdings PLC increased its stake in shares of Archer Aviation by 14.8% during the 2nd quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock worth $89,000 after purchasing an additional 3,341 shares in the last quarter. Finally, CWM LLC increased its stake in shares of Archer Aviation by 62.0% during the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after purchasing an additional 3,559 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

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.