Archer Aviation (NYSE:ACHR) Stock Rating Reaffirmed by Cantor Fitzgerald

Archer Aviation (NYSE:ACHR)‘s stock had its “overweight” rating restated by investment analysts at Cantor Fitzgerald in a note issued to investors on Monday, Benzinga reports. They currently have a $10.00 price objective on the stock. Cantor Fitzgerald’s target price would indicate a potential upside of 221.54% from the company’s previous close.

A number of other research analysts also recently commented on ACHR. Benchmark reaffirmed a “buy” rating and issued a $12.00 price target on shares of Archer Aviation in a research note on Friday, August 9th. JPMorgan Chase & Co. boosted their target price on shares of Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Finally, HC Wainwright assumed coverage on shares of Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price target on the stock. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $9.00.

Archer Aviation Stock Performance

NYSE ACHR traded down $0.20 during trading on Monday, reaching $3.11. The company’s stock had a trading volume of 6,472,564 shares, compared to its average volume of 6,806,229. The firm has a 50 day moving average price of $3.98 and a 200 day moving average price of $3.97. Archer Aviation has a 12 month low of $3.00 and a 12 month high of $7.01. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of -1.91 and a beta of 2.32. The company has a current ratio of 4.49, a quick ratio of 4.49 and a debt-to-equity ratio of 0.13.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.38) by $0.07. As a group, equities analysts anticipate that Archer Aviation will post -1.33 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In other news, major shareholder N.V. Stellantis bought 2,982,089 shares of the company’s stock in a transaction on Thursday, August 8th. The stock was purchased at an average cost of $3.35 per share, for a total transaction of $9,989,998.15. Following the completion of the transaction, the insider now owns 59,734,962 shares of the company’s stock, valued at $200,112,122.70. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 27.17% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Archer Aviation

Large investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. grew its stake in shares of Archer Aviation by 19.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,386,406 shares of the company’s stock worth $8,513,000 after purchasing an additional 228,487 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in 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 valued at $4,651,000 after acquiring an additional 254,460 shares during the last quarter. Alpine Global Management LLC acquired a new stake in Archer Aviation during the 1st quarter valued at approximately $5,782,000. Intellectus Partners LLC raised its holdings in Archer Aviation by 136.1% during the 2nd quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock worth $3,187,000 after purchasing an additional 523,024 shares during the last quarter. Finally, Raymond James & Associates lifted its position in shares of Archer Aviation by 44.4% in the 2nd quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock worth $2,201,000 after purchasing an additional 192,120 shares during the period. Institutional investors own 59.34% of the company’s stock.

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.