Archer Aviation (NYSE:ACHR) Now Covered by HC Wainwright

Equities researchers at HC Wainwright initiated coverage on shares of Archer Aviation (NYSE:ACHR) in a research note issued on Tuesday, Marketbeat.com reports. The brokerage set a “buy” rating and a $12.50 price target on the stock. HC Wainwright’s target price would indicate a potential upside of 267.65% from the stock’s current price.

ACHR has been the subject of a number of other research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a research note on Monday, August 19th. 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. Barclays dropped their target price on shares of Archer Aviation from $6.50 to $4.50 and set an “equal weight” rating for the company in a research report on Friday, May 17th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Archer Aviation currently has a consensus rating of “Moderate Buy” and an average price target of $9.00.

Archer Aviation Stock Performance

NYSE:ACHR opened at $3.40 on Tuesday. The stock has a 50-day simple moving average of $4.07 and a two-hundred day simple moving average of $4.08. The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.49 and a current ratio of 4.49. Archer Aviation has a 52-week low of $3.00 and a 52-week high of $7.32. The firm has a market capitalization of $1.10 billion, a PE ratio of -2.09 and a beta of 2.35.

Archer Aviation (NYSE:ACHR) last released its earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.38) by $0.07. Analysts forecast that Archer Aviation will post -1.2 EPS for the current year.

Insider Activity

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

Institutional Investors Weigh In On Archer Aviation

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Algert Global LLC bought a new position in shares of Archer Aviation during the second quarter valued at approximately $76,000. Susquehanna Fundamental Investments LLC purchased a new position in Archer Aviation during the 2nd quarter valued at $62,000. The Manufacturers Life Insurance Company grew its position in Archer Aviation by 42.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 120,870 shares of the company’s stock valued at $425,000 after acquiring an additional 36,130 shares during the last quarter. Xponance Inc. purchased a new stake in Archer Aviation in the second quarter worth $51,000. Finally, DRW Securities LLC bought a new stake in shares of Archer Aviation during the second quarter worth $68,000. 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.