Archer Aviation (NYSE:ACHR) Reaches New 52-Week High After Analyst Upgrade

Archer Aviation Inc. (NYSE:ACHR) reached 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.

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

Insider Transactions at Archer Aviation

In other Archer Aviation news, CEO Adam D. Goldstein sold 805,170 shares of the company’s stock in a transaction that occurred 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 in the company, valued at approximately $19,432,739.68. This represents a 16.10 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Deborah Diaz purchased 5,150 shares of Archer Aviation stock in a transaction that occurred on Monday, November 25th. The stock was purchased at an average cost of $7.48 per share, for a total transaction of $38,522.00. Following the completion of the purchase, the director now owns 98,886 shares of the company’s stock, valued at $739,667.28. This trade represents a 5.49 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 776,791 shares of company stock worth $5,139,699 and sold 1,621,386 shares worth $9,686,577. Company insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

Hedge funds and other institutional investors have recently modified their holdings of the business. Hollencrest Capital Management boosted its stake in Archer Aviation by 50.0% during the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after acquiring an additional 3,000 shares in the last quarter. Townsquare Capital LLC lifted its holdings in shares of Archer Aviation by 25.6% during the third quarter. Townsquare Capital LLC now owns 14,877 shares of the company’s stock valued at $45,000 after purchasing an additional 3,033 shares during the last quarter. Tidal Investments LLC boosted its position in shares of Archer Aviation by 29.9% in the 3rd quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock worth $44,000 after purchasing an additional 3,339 shares in the last quarter. Hsbc Holdings PLC raised its stake in Archer Aviation by 14.8% during the second quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock valued at $89,000 after buying an additional 3,341 shares during the last quarter. Finally, CWM LLC raised 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 buying an additional 3,559 shares during the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

Archer Aviation Stock Down 1.5 %

The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The company has a fifty day simple moving average of $5.12 and a 200 day simple moving average of $4.18. The firm has a market capitalization of $3.81 billion, a P/E ratio of -6.78 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period in the prior year, the company posted ($0.19) EPS. On average, equities analysts expect that Archer Aviation Inc. will post -1.28 EPS for the current fiscal 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.