Archer Aviation (NYSE:ACHR) Hits New 12-Month High on Analyst Upgrade

Archer Aviation Inc. (NYSE:ACHR)’s stock price reached a new 52-week high during trading on Wednesday after Cantor Fitzgerald raised their price target on the stock from $10.00 to $13.00. Cantor Fitzgerald currently has an overweight rating on the stock. Archer Aviation traded as high as $10.33 and last traded at $9.93, with a volume of 18189248 shares trading hands. The stock had previously closed at $9.09.

ACHR has been the subject of several other research reports. Needham & Company LLC assumed coverage on shares of Archer Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $11.00 price target for the company. HC Wainwright reiterated a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a research note on Monday. Deutsche Bank Aktiengesellschaft upped their price target 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. Finally, Canaccord Genuity Group lifted their price objective on shares of Archer Aviation from $8.50 to $11.00 and gave the company a “buy” rating in a research note on Friday, December 13th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.63.

Insider Activity

In related news, CTO Thomas Paul Muniz sold 438,428 shares of the business’s stock in a transaction that occurred 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 sale, 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 position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Michael Spellacy sold 63,000 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $7.10, for a total transaction of $447,300.00. Following the transaction, the director now owns 191,513 shares in the company, valued at $1,359,742.30. The trade was a 24.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders bought 776,791 shares of company stock worth $5,139,699 and sold 1,571,386 shares worth $9,236,577. Company insiders own 9.75% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC lifted its position in shares of Archer Aviation by 5.6% in the 3rd quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after purchasing an additional 268,896 shares during the period. HBK Investments L P purchased a new stake in Archer Aviation in the third quarter worth about $6,818,000. Charles Schwab Investment Management Inc. lifted its holdings in Archer Aviation by 5.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock worth $5,547,000 after buying an additional 94,430 shares during the period. Bank of New York Mellon Corp boosted its position in Archer Aviation by 23.9% during the 2nd 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 in the last quarter. Finally, Sora Investors LLC purchased a new position in shares of Archer Aviation during the 3rd quarter worth approximately $3,429,000. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Price Performance

The stock has a market cap of $4.22 billion, a P/E ratio of -7.60 and a beta of 3.19. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The firm has a 50-day moving average price of $5.00 and a 200-day moving average price of $4.14.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter last year, the firm earned ($0.19) earnings per share. On average, analysts forecast that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.

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.