Archer Aviation (NYSE:ACHR) Given Overweight Rating at Cantor Fitzgerald

Archer Aviation (NYSE:ACHR)‘s stock had its “overweight” rating reiterated by analysts at Cantor Fitzgerald in a research note issued to investors on Friday, MarketBeat Ratings reports. They presently have a $13.00 price target on the stock. Cantor Fitzgerald’s price target suggests a potential downside of 2.03% from the company’s previous close.

A number of other research analysts have also recently commented on ACHR. Needham & Company LLC restated a “buy” rating and set a $13.00 price target on shares of Archer Aviation in a research note on Tuesday, May 13th. Canaccord Genuity Group raised their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research note on Friday, February 28th. HC Wainwright restated a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a research note on Tuesday, May 13th. Finally, Raymond James raised their price objective on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Friday, February 21st. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.50.

Archer Aviation Stock Up 8.9%

Shares of ACHR opened at $13.27 on Friday. The stock has a market cap of $7.20 billion, a price-to-earnings ratio of -10.05 and a beta of 3.13. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. Archer Aviation has a 12 month low of $2.82 and a 12 month high of $13.92. The company has a 50-day moving average price of $8.16 and a two-hundred day moving average price of $8.14.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.10. Equities analysts predict that Archer Aviation will post -1.32 EPS for the current fiscal year.

Insider Transactions at Archer Aviation

In related news, CTO Thomas Paul Muniz sold 99,224 shares of the firm’s 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 $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 trade represents a 8.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Priya Gupta sold 13,210 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $171,597.90. Following the completion of the sale, the chief financial officer now directly owns 134,104 shares of the company’s stock, valued at approximately $1,742,010.96. This represents a 8.97% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 705,844 shares of company stock valued at $6,583,103. Corporate insiders own 7.65% of the company’s stock.

Institutional Trading of Archer Aviation

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Hennion & Walsh Asset Management Inc. grew its holdings in Archer Aviation by 25.5% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 55,750 shares of the company’s stock worth $544,000 after acquiring an additional 11,317 shares during the period. Yarbrough Capital LLC acquired a new stake in Archer Aviation during the 4th quarter worth $6,039,000. Avanza Fonder AB acquired a new stake in Archer Aviation during the 4th quarter worth $674,000. Sara Bay Financial acquired a new stake in Archer Aviation during the 4th quarter worth $104,000. Finally, Purus Wealth Management LLC acquired a new stake in Archer Aviation during the 4th quarter worth $129,000. 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.