Needham & Company LLC Forecasts Strong Price Appreciation for Archer Aviation (NYSE:ACHR) Stock

Archer Aviation (NYSE:ACHR) had its price objective increased by investment analysts at Needham & Company LLC from $11.00 to $13.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s target price would indicate a potential upside of 64.04% from the stock’s current price.

Several other research firms have 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, December 16th. Cantor Fitzgerald raised their price target on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. lowered shares of Archer Aviation from an “overweight” rating to a “neutral” rating and increased their price objective for the stock from $6.00 to $9.00 in a report on Friday, January 10th. Finally, Canaccord Genuity Group lowered their target price on shares of Archer Aviation from $14.00 to $13.00 and set a “buy” rating for the company in a report on Wednesday, February 12th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $11.56.

Archer Aviation Stock Down 3.5 %

Shares of NYSE ACHR opened at $7.93 on Friday. The firm has a market cap of $3.37 billion, a P/E ratio of -6.00 and a beta of 3.14. 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 has a 1 year low of $2.82 and a 1 year high of $12.48. The firm’s 50 day moving average price is $9.60 and its 200 day moving average price is $6.20.

Insider Buying and Selling at Archer Aviation

In related news, major shareholder N.V. Stellantis purchased 751,879 shares of the company’s stock in a transaction that occurred on Wednesday, December 11th. The stock was acquired at an average price of $6.65 per share, for a total transaction of $4,999,995.35. Following the completion of the purchase, the insider now owns 60,486,841 shares in the company, valued at approximately $402,237,492.65. This represents a 1.26 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Tosha Perkins sold 150,000 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $6.40, for a total transaction of $960,000.00. Following the transaction, the insider now directly owns 197,355 shares of the company’s stock, valued at approximately $1,263,072. This represents a 43.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,057,729 shares of company stock valued at $8,473,770 in the last ninety days. Insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

A number of institutional investors and hedge funds have recently made changes to their positions in ACHR. ARK Investment Management LLC raised its holdings in shares of Archer Aviation by 27.1% during the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock valued at $291,643,000 after buying an additional 6,371,647 shares during the last quarter. Vanguard Group Inc. increased 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 valued at $160,682,000 after purchasing an additional 2,908,859 shares during the period. Geode Capital Management LLC raised its stake 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 valued at $56,908,000 after purchasing an additional 724,736 shares in the last quarter. Alyeska Investment Group L.P. lifted its holdings in Archer Aviation by 158.3% in the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company’s stock worth $48,748,000 after purchasing an additional 3,064,280 shares during the period. Finally, Renaissance Technologies LLC bought a new position in Archer Aviation in the 4th quarter valued at about $42,709,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.