Archer Aviation Inc. (NYSE:ACHR) Receives $12.50 Average Price Target from Brokerages

Archer Aviation Inc. (NYSE:ACHR) has been given a consensus rating of “Moderate Buy” by the eight brokerages that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $13.19.

A number of research firms recently commented on ACHR. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $13.00 price target on shares of Archer Aviation in a report on Friday, May 16th. Needham & Company LLC reissued a “buy” rating and issued a $13.00 target price on shares of Archer Aviation in a research report on Tuesday, May 13th. Raymond James increased their price target 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. Canaccord Genuity Group increased their target price 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. Finally, HC Wainwright raised their price target on shares of Archer Aviation from $12.00 to $18.00 and gave the company a “buy” rating in a report on Monday.

Insider Buying and Selling

In other news, CTO Thomas Paul Muniz sold 80,919 shares of the company’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $1,051,137.81. Following the completion of the transaction, the chief technology officer now directly owns 1,253,294 shares of the company’s stock, valued at approximately $16,280,289.06. This represents a 6.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Mark Mesler sold 34,498 shares of the stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $7.04, for a total transaction of $242,865.92. Following the sale, the chief financial officer now owns 659,357 shares of the company’s stock, valued at approximately $4,641,873.28. This represents a 4.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 451,859 shares of company stock worth $4,627,418 in the last ninety days. 7.65% of the stock is owned by insiders.

Institutional Investors Weigh In On Archer Aviation

Several institutional investors and hedge funds have recently bought and sold shares of the business. ARK Investment Management LLC increased its stake in shares of Archer Aviation by 27.1% during the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock valued at $291,643,000 after buying an additional 6,371,647 shares during the period. Renaissance Technologies LLC bought a new stake in Archer Aviation in the fourth quarter valued at $42,709,000. Vanguard Group Inc. increased its position in Archer Aviation by 19.7% during the 1st quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company’s stock valued at $140,275,000 after purchasing an additional 3,249,106 shares during the period. Nuveen LLC bought a new position in Archer Aviation in the 1st quarter worth $22,423,000. Finally, Alyeska Investment Group L.P. raised its holdings in Archer Aviation by 158.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company’s stock worth $48,748,000 after purchasing an additional 3,064,280 shares in the last quarter. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Archer Aviation Price Performance

ACHR opened at $11.31 on Friday. The firm has a market cap of $6.21 billion, a P/E ratio of -8.57 and a beta of 3.13. The firm has a 50-day moving average of $8.98 and a 200 day moving average of $8.87. 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 $13.92.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Monday, May 12th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.04. On average, research analysts expect that Archer Aviation will post -1.32 EPS for the current year.

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.