Cantor Fitzgerald Reiterates Overweight Rating for Archer Aviation (NYSE:ACHR)

Archer Aviation (NYSE:ACHR)‘s stock had its “overweight” rating restated by research analysts at Cantor Fitzgerald in a research note issued to investors on Monday, Benzinga reports. They currently have a $10.00 price target on the stock. Cantor Fitzgerald’s price objective suggests a potential upside of 221.54% from the company’s previous close.

ACHR has been the subject of a number of other reports. HC Wainwright assumed coverage on shares of Archer Aviation in a research note on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective for the company. Benchmark reiterated a “buy” rating and set a $12.00 price objective on shares of Archer Aviation in a research report on Friday, August 9th. Finally, JPMorgan Chase & Co. upped their price target on Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.00.

Archer Aviation Stock Performance

NYSE:ACHR traded down $0.20 during trading hours on Monday, reaching $3.11. 6,472,564 shares of the stock were exchanged, compared to its average volume of 6,806,229. Archer Aviation has a 52 week low of $3.00 and a 52 week high of $7.01. The company has a quick ratio of 4.49, a current ratio of 4.49 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $1.01 billion, a P/E ratio of -1.91 and a beta of 2.32. The firm has a 50 day simple moving average of $3.98 and a 200-day simple moving average of $3.97.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.07. As a group, sell-side analysts forecast that Archer Aviation will post -1.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder N.V. Stellantis acquired 2,982,089 shares of the firm’s stock in a transaction on Thursday, August 8th. The shares were purchased at an average price of $3.35 per share, with a total value of $9,989,998.15. Following the acquisition, the insider now directly owns 59,734,962 shares in the company, valued at $200,112,122.70. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 27.17% of the company’s stock.

Institutional Trading of Archer Aviation

Several hedge funds have recently bought and sold shares of ACHR. Charles Schwab Investment Management Inc. raised its holdings in Archer Aviation by 19.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,386,406 shares of the company’s stock worth $8,513,000 after acquiring an additional 228,487 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Archer Aviation by 23.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock valued at $4,651,000 after buying an additional 254,460 shares during the last quarter. Alpine Global Management LLC acquired a new stake in shares of Archer Aviation in the 1st quarter valued at approximately $5,782,000. Intellectus Partners LLC increased its holdings in Archer Aviation by 136.1% during the second quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock worth $3,187,000 after buying an additional 523,024 shares during the last quarter. Finally, Raymond James & Associates increased its holdings in Archer Aviation by 44.4% during the second quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock worth $2,201,000 after buying an additional 192,120 shares during the last quarter. 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.