Archer Aviation (NYSE:ACHR) Given New $14.00 Price Target at Canaccord Genuity Group

Archer Aviation (NYSE:ACHR) had its price objective boosted by Canaccord Genuity Group from $11.00 to $14.00 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

ACHR has been the topic of several other research reports. HC Wainwright reissued a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a research note on Monday, December 16th. Deutsche Bank Aktiengesellschaft increased 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. Cantor Fitzgerald increased their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Finally, Needham & Company LLC initiated coverage on Archer Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $11.00 target price on the stock. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Archer Aviation has an average rating of “Moderate Buy” and an average target price of $11.00.

Archer Aviation Stock Performance

NYSE ACHR opened at $10.50 on Wednesday. The company has a market capitalization of $4.47 billion, a PE ratio of -7.95 and a beta of 3.15. 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 has a 1 year low of $2.82 and a 1 year high of $12.48. The company has a fifty day moving average of $7.25 and a two-hundred day moving average of $4.92.

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

Insiders Place Their Bets

In other news, CEO Adam D. Goldstein sold 805,170 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total value of $3,727,937.10. Following the sale, 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael Spellacy sold 191,513 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were 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 quarter, insiders have purchased 776,791 shares of company stock worth $5,139,699 and have sold 1,812,899 shares worth $11,601,707. 9.75% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Archer Aviation

Institutional investors have recently modified their holdings of the company. Versant Capital Management Inc grew its stake in shares of Archer Aviation by 74.3% in the fourth quarter. Versant Capital Management Inc now owns 8,048 shares of the company’s stock worth $78,000 after purchasing an additional 3,430 shares in the last quarter. Tidal Investments LLC lifted its stake in Archer Aviation by 29.9% during the third quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock valued at $44,000 after purchasing an additional 3,339 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in Archer Aviation during the third quarter valued at approximately $80,000. Barclays PLC grew its holdings in shares of Archer Aviation by 272.7% in the 3rd quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after acquiring an additional 312,440 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Archer Aviation by 5.6% during the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock valued at $15,487,000 after purchasing an additional 268,896 shares during the last quarter. Institutional investors own 59.34% of the company’s stock.

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.