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

Archer Aviation (NYSE:ACHR) had its price target hoisted by research analysts at Canaccord Genuity Group from $13.00 to $13.50 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 56.65% from the stock’s current price.

ACHR has been the subject of a number of other research reports. Raymond James boosted their price target on Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a research note on Friday, February 21st. 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 research note on Friday, December 13th. JPMorgan Chase & Co. lowered Archer Aviation from an “overweight” rating to a “neutral” rating and lifted their price objective for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Needham & Company LLC upped their target price on Archer Aviation from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Cantor Fitzgerald upped their price target on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $11.61.

Archer Aviation Stock Up 8.8 %

Shares of ACHR traded up $0.70 during mid-day trading on Friday, hitting $8.62. 20,706,101 shares of the company’s stock were exchanged, compared to its average volume of 32,600,988. The company has a market cap of $3.67 billion, a PE ratio of -6.45 and a beta of 3.14. Archer Aviation has a 52 week low of $2.82 and a 52 week high of $12.48. The company has a 50-day simple moving average of $9.60 and a 200 day simple moving average of $6.20. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

Archer Aviation (NYSE:ACHR) last released its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.10. On average, research analysts forecast that Archer Aviation will post -1.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In other news, CTO Thomas Paul Muniz sold 438,428 shares of the business’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $7.59, for a total value of $3,327,668.52. Following the completion of the transaction, the chief technology officer now owns 1,170,360 shares in the company, valued at $8,883,032.40. The trade was a 27.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael Spellacy sold 191,513 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $10.00, for a total value of $1,915,130.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,057,729 shares of company stock worth $8,473,770. 9.75% of the stock is owned by insiders.

Hedge Funds Weigh In On Archer Aviation

Several large investors have recently made changes to their positions in ACHR. Miller Wealth Advisors LLC purchased a new stake in Archer Aviation during the third quarter valued at approximately $26,000. Sunbelt Securities Inc. bought a new position in Archer Aviation in the fourth quarter worth approximately $27,000. Conquis Financial LLC purchased a new position in shares of Archer Aviation in the 4th quarter valued at $29,000. Harbour Investments Inc. increased its holdings in shares of Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after acquiring an additional 1,095 shares during the period. Finally, Oarsman Capital Inc. boosted its position in shares of Archer Aviation by 471.7% in the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock worth $30,000 after purchasing an additional 2,547 shares in the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.