Canaccord Genuity Group Forecasts Strong Price Appreciation for Archer Aviation (NYSE:ACHR) Stock

Archer Aviation (NYSE:ACHR) had its price target increased by investment analysts at Canaccord Genuity Group from $11.00 to $14.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 33.33% from the stock’s previous close.

ACHR has been the topic of several other reports. Needham & Company LLC initiated coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price objective on the stock. Deutsche Bank Aktiengesellschaft increased their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. HC Wainwright restated a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a report on Monday, December 16th. Finally, Cantor Fitzgerald increased their target price on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. One research 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, the company has a consensus rating of “Moderate Buy” and an average price target of $11.00.

Archer Aviation Price Performance

Shares of NYSE ACHR opened at $10.50 on Wednesday. The company has a 50 day simple moving average of $7.39 and a two-hundred day simple moving average of $4.96. Archer Aviation has a fifty-two week low of $2.82 and a fifty-two week high of $12.48. The company has a market capitalization of $4.47 billion, a price-to-earnings ratio of -7.95 and a beta of 3.15. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03.

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

Insiders Place Their Bets

In related news, Director Michael Spellacy sold 191,513 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $10.00, for a total transaction of $1,915,130.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Thomas Paul Muniz sold 50,000 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $9.00, for a total transaction of $450,000.00. Following the completion of the transaction, the chief technology officer now owns 1,120,360 shares in the company, valued at $10,083,240. The trade was a 4.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders purchased 776,791 shares of company stock valued at $5,139,699 and sold 1,812,899 shares valued at $11,601,707. 9.75% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ACHR. Bank of New York Mellon Corp boosted 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 purchasing an additional 254,460 shares during the period. Principal Financial Group Inc. increased its stake in Archer Aviation by 75.6% in the 2nd quarter. Principal Financial Group Inc. now owns 31,064 shares of the company’s stock worth $109,000 after buying an additional 13,372 shares in the last quarter. Rhumbline Advisers raised its holdings in Archer Aviation by 29.3% during the second quarter. Rhumbline Advisers now owns 311,852 shares of the company’s stock valued at $1,098,000 after acquiring an additional 70,575 shares during the period. Arizona State Retirement System lifted its position in shares of Archer Aviation by 13.7% in the second quarter. Arizona State Retirement System now owns 59,593 shares of the company’s stock valued at $210,000 after acquiring an additional 7,184 shares in the last quarter. Finally, Choreo LLC bought a new position in shares of Archer Aviation in the second quarter worth about $49,000. 59.34% of the stock is currently owned by 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.