Archer Aviation (NYSE:ACHR) Price Target Raised to $13.50 at Canaccord Genuity Group

Archer Aviation (NYSE:ACHR) had its target price boosted by Canaccord Genuity Group from $13.00 to $13.50 in a research report released on Friday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other equities research analysts have also recently weighed in on ACHR. Cantor Fitzgerald lifted their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. JPMorgan Chase & Co. cut shares of Archer Aviation from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $6.00 to $9.00 in a research report on Friday, January 10th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Needham & Company LLC lifted their price target on shares of Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Friday. Finally, Raymond James lifted their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a research report on Friday, February 21st. Two investment analysts have rated the stock with a hold rating and seven have given 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 Price Performance

Archer Aviation stock opened at $8.87 on Friday. Archer Aviation has a 12-month low of $2.82 and a 12-month high of $12.48. The stock has a market cap of $3.77 billion, a P/E ratio of -6.72 and a beta of 3.14. The company has a 50-day moving average price of $9.60 and a 200 day moving average price of $6.20. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.10. Sell-side analysts anticipate that Archer Aviation will post -1.32 earnings per share for the current year.

Insider Activity

In other news, major shareholder N.V. Stellantis purchased 751,879 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The stock was bought at an average price of $6.65 per share, for a total transaction of $4,999,995.35. Following the completion of the purchase, the insider now directly owns 60,486,841 shares of the company’s stock, valued at $402,237,492.65. The trade was a 1.26 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Eric Lentell sold 114,788 shares of Archer Aviation stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $6.74, for a total transaction of $773,671.12. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,057,729 shares of company stock valued at $8,473,770. 9.75% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Barclays PLC lifted its stake in Archer Aviation by 272.7% in the third quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after acquiring an additional 312,440 shares during the last quarter. HBK Investments L P purchased a new position in Archer Aviation in the third quarter worth approximately $6,818,000. ARK Investment Management LLC raised its holdings in Archer Aviation by 27.1% during the fourth 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 in the last quarter. Yarbrough Capital LLC acquired a new stake in Archer Aviation during the fourth quarter worth approximately $6,039,000. Finally, Benjamin Edwards Inc. raised its holdings in Archer Aviation by 12,656.1% during the third quarter. Benjamin Edwards Inc. now owns 106,258 shares of the company’s stock worth $322,000 after purchasing an additional 105,425 shares in the last quarter. Hedge funds and other institutional investors 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.