Archer Aviation (NYSE:ACHR) Given New $13.00 Price Target at Canaccord Genuity Group

Archer Aviation (NYSE:ACHR) had its price target lowered by Canaccord Genuity Group from $14.00 to $13.00 in a research note published on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

ACHR has been the topic of a number of other reports. Needham & Company LLC reiterated a “buy” rating and issued a $11.00 price target on shares of Archer Aviation in a research report on Thursday, January 16th. HC Wainwright reaffirmed a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a research note on Monday, December 16th. JPMorgan Chase & Co. cut shares of Archer Aviation from an “overweight” rating to a “neutral” rating and raised their target price for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Deutsche Bank Aktiengesellschaft lifted their price objective 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. Finally, Cantor Fitzgerald lifted their target price on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.25.

Archer Aviation Stock Up 0.8 %

Shares of NYSE:ACHR opened at $9.36 on Wednesday. The firm has a market cap of $3.98 billion, a P/E ratio of -7.09 and a beta of 3.13. 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 has a 12 month low of $2.82 and a 12 month high of $12.48. The company’s 50-day moving average price is $9.35 and its two-hundred day moving average price is $5.81.

Insider Activity

In other Archer Aviation news, insider Tosha Perkins sold 150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $6.40, for a total transaction of $960,000.00. Following the completion of the transaction, the insider now owns 197,355 shares in the company, valued at approximately $1,263,072. This trade represents a 43.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Adam D. Goldstein sold 805,170 shares of Archer Aviation stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. In the last three months, insiders have purchased 776,791 shares of company stock worth $5,139,699 and have sold 1,862,899 shares worth $12,201,707. 9.75% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds have recently bought and sold shares of the company. ARK Investment Management LLC raised its stake in shares of Archer Aviation by 27.1% during the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock worth $291,643,000 after purchasing an additional 6,371,647 shares during the period. Vanguard Group Inc. grew its holdings in shares of Archer Aviation by 21.4% during the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company’s stock worth $160,682,000 after purchasing an additional 2,908,859 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Archer Aviation by 14.2% during the fourth quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company’s stock worth $56,908,000 after purchasing an additional 724,736 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Archer Aviation by 24.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,277,530 shares of the company’s stock worth $22,206,000 after buying an additional 446,864 shares in the last quarter. Finally, HBK Investments L P purchased a new stake in Archer Aviation in the third quarter worth approximately $6,818,000. 59.34% of the stock is 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.