Archer Aviation (NYSE:ACHR) Hits New 1-Year High After Analyst Upgrade

Archer Aviation Inc. (NYSE:ACHR)’s share price hit a new 52-week high during mid-day trading on Wednesday after Cantor Fitzgerald raised their price target on the stock from $10.00 to $13.00. Cantor Fitzgerald currently has an overweight rating on the stock. Archer Aviation traded as high as $10.33 and last traded at $9.93, with a volume of 18189248 shares. The stock had previously closed at $9.09.

Several other research analysts have also recently weighed in on ACHR. Needham & Company LLC started coverage on shares of Archer Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price objective for the company. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Canaccord Genuity Group increased their price target on Archer Aviation from $8.50 to $11.00 and gave the company a “buy” rating in a report on Friday, December 13th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a report on Monday. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $10.63.

Insider Activity

In related news, Director Deborah Diaz acquired 5,150 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was bought at an average cost of $7.48 per share, for a total transaction of $38,522.00. Following the purchase, the director now owns 98,886 shares in the company, valued at $739,667.28. The trade was a 5.49 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Tosha Perkins sold 150,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $6.40, for a total transaction of $960,000.00. Following the completion of the sale, the insider now directly owns 197,355 shares of the company’s stock, valued at $1,263,072. This represents a 43.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 776,791 shares of company stock valued at $5,139,699 and sold 1,571,386 shares valued at $9,236,577. Insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. CWM LLC grew its stake in Archer Aviation by 62.0% during the second quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after acquiring an additional 3,559 shares in the last quarter. Raymond James & Associates boosted its holdings in shares of Archer Aviation by 44.4% during the 2nd quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock valued at $2,201,000 after purchasing an additional 192,120 shares during the last quarter. Hennion & Walsh Asset Management Inc. grew its position in shares of Archer Aviation by 40.9% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 46,058 shares of the company’s stock valued at $162,000 after purchasing an additional 13,377 shares in the last quarter. Fullcircle Wealth LLC bought a new stake in shares of Archer Aviation in the second quarter worth about $70,000. Finally, Bank of New York Mellon Corp lifted its position in shares of Archer Aviation by 23.9% in the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after buying an additional 254,460 shares in the last quarter. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Stock Performance

The company has a market capitalization of $4.22 billion, a P/E ratio of -7.60 and a beta of 3.19. The business has a 50 day moving average of $5.00 and a 200 day moving average of $4.14. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period last year, the firm earned ($0.19) earnings per share. On average, sell-side analysts predict that Archer Aviation Inc. will post -1.28 earnings per share for the current year.

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.