Archer Aviation’s (ACHR) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Archer Aviation (NYSE:ACHR) in a research note released on Tuesday morning, MarketBeat.com reports. Needham & Company LLC currently has a $13.00 price target on the stock.

ACHR has been the subject of a number of other reports. Raymond James upped their target price on Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. HC Wainwright reaffirmed a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a report on Friday, February 28th. Finally, Canaccord Genuity Group lifted their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a research report on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $11.61.

Archer Aviation Stock Up 2.4%

Shares of ACHR opened at $12.13 on Tuesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The company has a 50-day simple moving average of $8.03 and a 200-day simple moving average of $8.04. Archer Aviation has a 52 week low of $2.82 and a 52 week high of $12.48. The firm has a market capitalization of $6.58 billion, a P/E ratio of -9.19 and a beta of 3.13.

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

Insiders Place Their Bets

In related news, CFO Mark Mesler sold 62,258 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $479,386.60. Following the transaction, the chief financial officer now owns 630,243 shares in the company, valued at $4,852,871.10. This represents a 8.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Tosha Perkins sold 33,335 shares of the firm’s stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $234,678.40. Following the completion of the sale, the insider now owns 262,673 shares of the company’s stock, valued at $1,849,217.92. The trade was a 11.26% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 474,780 shares of company stock valued at $3,581,581. 7.65% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Archer Aviation

Large investors have recently modified their holdings of the stock. ARK Investment Management LLC raised its position in Archer Aviation by 27.1% in the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock worth $291,643,000 after purchasing an additional 6,371,647 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Archer Aviation by 19.7% during the first quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company’s stock worth $140,275,000 after acquiring an additional 3,249,106 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Archer Aviation by 14.2% during the fourth quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company’s stock worth $56,908,000 after acquiring an additional 724,736 shares during the last quarter. Alyeska Investment Group L.P. lifted its stake in shares of Archer Aviation by 158.3% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company’s stock valued at $48,748,000 after acquiring an additional 3,064,280 shares during the period. Finally, Renaissance Technologies LLC bought a new position in Archer Aviation in the fourth quarter valued at about $42,709,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.