Archer Aviation (NYSE:ACHR) Raised to “Overweight” at Barclays

Archer Aviation (NYSE:ACHR) was upgraded by stock analysts at Barclays from an “equal weight” rating to an “overweight” rating in a report released on Friday, Benzinga reports. The firm currently has a $8.00 target price on the stock, up from their previous target price of $4.50. Barclays‘s target price points to a potential upside of 68.95% from the company’s previous close.

ACHR has been the subject of several other reports. Wells Fargo & Company set a $18.00 price target on Archer Aviation in a research report on Tuesday, August 11th. Cantor Fitzgerald restated an “overweight” rating and issued a $11.00 target price on shares of Archer Aviation in a research note on Tuesday, August 11th. HC Wainwright reaffirmed a “buy” rating on shares of Archer Aviation in a report on Tuesday, August 11th. Needham & Company LLC reaffirmed a “buy” rating and set a $9.00 target price on shares of Archer Aviation in a report on Tuesday, August 11th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research report on Friday, July 17th. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $11.00.

Archer Aviation Stock Performance

Shares of ACHR stock opened at $4.74 on Friday. The firm’s 50 day moving average is $5.61 and its 200 day moving average is $5.58. The stock has a market capitalization of $3.65 billion, a P/E ratio of -4.38 and a beta of 3.27. Archer Aviation has a 12 month low of $4.30 and a 12 month high of $14.62. The company has a current ratio of 10.21, a quick ratio of 10.21 and a debt-to-equity ratio of 0.06.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.34) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.34). The business had revenue of $5.00 million during the quarter, compared to analysts’ expectations of $1.94 million. On average, sell-side analysts anticipate that Archer Aviation will post -1.37 earnings per share for the current year.

Insider Transactions at Archer Aviation

In other news, insider Eric Lentell sold 100,000 shares of the company’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $6.31, for a total value of $631,000.00. Following the transaction, the insider owned 85,011 shares of the company’s stock, valued at approximately $536,419.41. This represents a 54.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Priya Gupta sold 10,015 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $6.41, for a total value of $64,196.15. Following the completion of the sale, the chief financial officer owned 202,784 shares in the company, valued at $1,299,845.44. This trade represents a 4.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 176,657 shares of company stock valued at $1,122,371. 5.55% of the stock is currently owned by company insiders.

Institutional Trading of Archer Aviation

Several institutional investors and hedge funds have recently modified their holdings of ACHR. Alpine Global Management LLC raised its holdings in shares of Archer Aviation by 104.7% in the 4th quarter. Alpine Global Management LLC now owns 4,677,145 shares of the company’s stock valued at $35,172,000 after acquiring an additional 2,392,026 shares in the last quarter. Clear Street Group Inc. increased its position in shares of Archer Aviation by 94.4% in the fourth quarter. Clear Street Group Inc. now owns 2,110,555 shares of the company’s stock worth $15,871,000 after purchasing an additional 1,025,060 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Archer Aviation by 703.3% in the first quarter. Renaissance Technologies LLC now owns 2,514,300 shares of the company’s stock worth $12,999,000 after purchasing an additional 2,201,300 shares during the last quarter. Bank of America Corp DE raised its stake in Archer Aviation by 33.2% in the first quarter. Bank of America Corp DE now owns 2,136,942 shares of the company’s stock valued at $11,048,000 after purchasing an additional 532,762 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in Archer Aviation in the second quarter valued at approximately $10,190,000. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Archer Aviation Company Profile

Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its goal is to provide quieter, lower-emission transportation for short passenger trips, including airport transfers and travel between urban and suburban locations.

The company’s primary aircraft is Midnight, a piloted, four-passenger eVTOL aircraft designed for frequent short-distance flights. Archer has also developed Maker, a smaller technology demonstrator used to test its electric propulsion, flight-control and other aircraft systems.