Archer Aviation (NYSE:ACHR) Earns Overweight Rating from Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of Archer Aviation (NYSE:ACHR) in a research report sent to investors on Monday, Benzinga reports. They currently have a $10.00 price target on the stock.

ACHR has been the topic of several other research reports. JPMorgan Chase & Co. lifted their target price on shares of Archer Aviation from $5.00 to $6.00 and gave the stock an overweight rating in a research report on Wednesday, July 24th. HC Wainwright started coverage on Archer Aviation in a report on Tuesday, September 3rd. They set a buy rating and a $12.50 price target on the stock. Finally, Benchmark restated a buy rating and issued a $12.00 price objective on shares of Archer Aviation in a research note on Friday, August 9th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $9.00.

Archer Aviation Trading Up 7.9 %

NYSE ACHR opened at $3.21 on Monday. The company has a current ratio of 4.49, a quick ratio of 4.49 and a debt-to-equity ratio of 0.13. The business has a fifty day simple moving average of $3.57 and a 200 day simple moving average of $3.83. Archer Aviation has a 12 month low of $2.82 and a 12 month high of $7.01. The firm has a market capitalization of $1.04 billion, a P/E ratio of -1.96 and a beta of 2.32.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Thursday, August 8th. The company reported ($0.31) EPS for the quarter, beating the consensus estimate of ($0.38) by $0.07. On average, analysts predict that Archer Aviation will post -1.33 EPS for the current fiscal year.

Insider Transactions at Archer Aviation

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

Hedge Funds Weigh In On Archer Aviation

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its holdings in shares of 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 worth $4,651,000 after acquiring an additional 254,460 shares during the period. Alpine Global Management LLC bought a new position in Archer Aviation in the 1st quarter worth about $5,782,000. Intellectus Partners LLC grew 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 valued at $3,187,000 after buying an additional 523,024 shares in the last quarter. Raymond James & Associates grew its holdings in Archer Aviation by 44.4% during the 2nd quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock valued at $2,201,000 after buying an additional 192,120 shares in the last quarter. Finally, Swiss National Bank increased its position in shares of Archer Aviation by 2.3% during the first quarter. Swiss National Bank now owns 376,600 shares of the company’s stock valued at $1,740,000 after buying an additional 8,500 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.