Archer Aviation (NYSE:ACHR) Earns Buy Rating from Needham & Company LLC

Archer Aviation (NYSE:ACHR)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a note issued to investors on Monday,Benzinga reports. They currently have a $13.00 target price on the stock. Needham & Company LLC’s price target points to a potential upside of 77.11% from the company’s previous close.

Other analysts also recently issued reports about the company. Canaccord Genuity Group lifted their price objective on Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a report on Friday, February 28th. Raymond James boosted 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 Archer Aviation from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $6.00 to $9.00 in a research report on Friday, January 10th. Finally, HC Wainwright restated a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a report on Friday, February 28th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Archer Aviation currently has an average rating of “Moderate Buy” and a consensus target price of $11.61.

Archer Aviation Stock Up 2.8 %

Shares of ACHR opened at $7.34 on Monday. Archer Aviation has a 52-week low of $2.82 and a 52-week high of $12.48. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The business has a fifty day moving average of $7.85 and a 200 day moving average of $7.36. The company has a market cap of $3.98 billion, a PE ratio of -5.56 and a beta of 3.16.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.10. On average, sell-side analysts expect that Archer Aviation will post -1.32 EPS for the current year.

Insiders Place Their Bets

In other news, CTO Thomas Paul Muniz sold 99,224 shares of the company’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $764,024.80. Following the completion of the sale, the chief technology officer now owns 1,131,443 shares of the company’s stock, valued at $8,712,111.10. This represents a 8.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Eric Lentell sold 43,230 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $332,871.00. Following the completion of the sale, the general counsel now directly owns 53,225 shares of the company’s stock, valued at approximately $409,832.50. This represents a 44.82 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 424,780 shares of company stock valued at $3,158,081. 9.75% of the stock is owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

Several hedge funds and other institutional investors have recently bought and sold shares of ACHR. Sunbelt Securities Inc. purchased a new position in shares of Archer Aviation during the 4th quarter worth $27,000. Conquis Financial LLC acquired a new position in shares of Archer Aviation in the 4th quarter worth approximately $29,000. Oarsman Capital Inc. boosted its position in shares of Archer Aviation by 471.7% during the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock worth $30,000 after purchasing an additional 2,547 shares during the period. Harbour Investments Inc. increased its holdings in Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after purchasing an additional 1,095 shares during the last quarter. Finally, Anchor Investment Management LLC raised its position in 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. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.