Archer Aviation (NYSE:ACHR) Coverage Initiated at Needham & Company LLC

Needham & Company LLC began coverage on shares of Archer Aviation (NYSE:ACHR) in a report published on Tuesday, Marketbeat Ratings reports. The brokerage issued a buy rating and a $11.00 price target on the stock.

A number of other research firms have also issued reports on ACHR. HC Wainwright started coverage on Archer Aviation in a report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 target price on the stock. JPMorgan Chase & Co. boosted their target price on Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Benchmark reissued a “buy” rating and issued a $12.00 target price on shares of Archer Aviation in a report on Friday, August 9th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a report on Monday, October 7th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Archer Aviation currently has an average rating of “Moderate Buy” and an average target price of $9.33.

Archer Aviation Trading Up 4.4 %

ACHR opened at $6.04 on Tuesday. The firm has a market cap of $2.57 billion, a price-to-earnings ratio of -4.55 and a beta of 2.29. Archer Aviation has a 52 week low of $2.82 and a 52 week high of $7.01. The business’s 50 day moving average is $3.42 and its two-hundred day moving average is $3.65. 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 released its quarterly earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the prior year, the business earned ($0.19) earnings per share. On average, research analysts predict that Archer Aviation will post -1.2 EPS for the current year.

Insider Buying and Selling

In related news, CEO Adam D. Goldstein sold 805,170 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the transaction, the chief executive officer now owns 4,197,136 shares of the company’s stock, valued at $19,432,739.68. This represents a 16.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 9.75% of the stock is currently owned by corporate insiders.

Institutional Trading of Archer Aviation

A number of institutional investors have recently bought and sold shares of the company. Barclays PLC boosted its position in Archer Aviation by 272.7% during the third quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after purchasing an additional 312,440 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Archer Aviation by 5.6% in the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock valued at $15,487,000 after acquiring an additional 268,896 shares in the last quarter. Main Management ETF Advisors LLC purchased a new stake in Archer Aviation during the 3rd quarter worth about $583,000. XTX Topco Ltd acquired a new position in Archer Aviation in the 3rd quarter valued at about $397,000. Finally, EP Wealth Advisors LLC raised its stake in Archer Aviation by 50.0% in the 3rd quarter. EP Wealth Advisors LLC now owns 15,000 shares of the company’s stock valued at $45,000 after purchasing an additional 5,000 shares during the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.