Archer Aviation (NYSE:ACHR) Given “Overweight” Rating at Cantor Fitzgerald

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

Several other equities research analysts also recently issued reports on ACHR. HC Wainwright began coverage on Archer Aviation in a report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective on the stock. JPMorgan Chase & Co. increased their price objective on shares of Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Finally, Benchmark reissued a “buy” rating and set a $12.00 price objective on shares of Archer Aviation in a report on Friday, August 9th. 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, the company has a consensus rating of “Moderate Buy” and an average target price of $9.00.

Archer Aviation Stock Up 1.3 %

NYSE ACHR traded up $0.04 during trading hours on Monday, hitting $3.11. The company had a trading volume of 1,935,515 shares, compared to its average volume of 7,050,231. The firm’s 50 day moving average is $3.63 and its 200 day moving average is $3.86. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of -1.90 and a beta of 2.32. Archer Aviation has a fifty-two week low of $2.82 and a fifty-two week high of $7.01. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.49 and a quick ratio of 4.49.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Thursday, August 8th. The company reported ($0.31) EPS for the quarter, beating the consensus estimate of ($0.38) by $0.07. Sell-side analysts anticipate that Archer Aviation will post -1.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Archer Aviation news, major shareholder N.V. Stellantis purchased 2,982,089 shares of Archer Aviation stock in a transaction dated Thursday, August 8th. The shares were bought at an average cost of $3.35 per share, for a total transaction of $9,989,998.15. Following the transaction, the insider now owns 59,734,962 shares in the company, valued at approximately $200,112,122.70. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 27.17% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Archer Aviation

Several large investors have recently added to or reduced their stakes in the stock. Quadrature Capital Ltd acquired a new position in shares of Archer Aviation during the fourth quarter valued at $578,000. HighPoint Advisor Group LLC bought a new stake in Archer Aviation in the 4th quarter valued at about $75,000. Hennion & Walsh Asset Management Inc. boosted its stake in Archer Aviation by 196.6% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 32,681 shares of the company’s stock valued at $151,000 after purchasing an additional 21,662 shares during the period. Janney Montgomery Scott LLC grew its position in Archer Aviation by 266.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 41,360 shares of the company’s stock worth $191,000 after purchasing an additional 30,075 shares during the last quarter. Finally, Swiss National Bank increased its stake in shares of Archer Aviation by 2.3% in the first quarter. Swiss National Bank now owns 376,600 shares of the company’s stock valued at $1,740,000 after purchasing an additional 8,500 shares during the period. 59.34% of the stock is 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.