Archer Aviation’s (ACHR) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Archer Aviation (NYSE:ACHR) in a report issued on Monday,Benzinga reports. The brokerage currently has a $13.00 target price on the stock.

Other analysts have also issued reports about the stock. JPMorgan Chase & Co. lowered shares of Archer Aviation from an “overweight” rating to a “neutral” rating and increased their target price for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Raymond James raised their target price on Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Friday, February 21st. HC Wainwright restated a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a research note on Friday, February 28th. Finally, Canaccord Genuity Group raised their target price on Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research report on Friday, February 28th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.61.

Archer Aviation Stock Performance

Shares of ACHR opened at $7.14 on Monday. Archer Aviation has a 52-week low of $2.82 and a 52-week high of $12.48. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The firm has a market cap of $3.87 billion, a price-to-earnings ratio of -5.41 and a beta of 3.16. The business’s 50 day moving average is $7.90 and its two-hundred day moving average is $7.36.

Archer Aviation (NYSE:ACHR) last released its earnings results on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.10. Analysts forecast that Archer Aviation will post -1.32 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Mark Mesler sold 62,258 shares of the company’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $479,386.60. Following the transaction, the chief financial officer now owns 630,243 shares of the company’s stock, valued at $4,852,871.10. This represents a 8.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Tosha Perkins sold 33,335 shares of the firm’s stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $7.04, for a total value of $234,678.40. Following the completion of the transaction, the insider now owns 262,673 shares in the company, valued at approximately $1,849,217.92. This represents a 11.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 424,780 shares of company stock valued at $3,158,081 in the last 90 days. 9.75% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. ORG Partners LLC bought a new stake in shares of Archer Aviation during the 1st quarter valued at $32,000. Janney Montgomery Scott LLC grew its holdings in Archer Aviation by 64.2% during the first quarter. Janney Montgomery Scott LLC now owns 81,681 shares of the company’s stock worth $581,000 after purchasing an additional 31,933 shares during the period. Wealth Enhancement Advisory Services LLC bought a new position in Archer Aviation during the first quarter worth $176,000. Matauro LLC increased its stake in shares of Archer Aviation by 3.6% during the first quarter. Matauro LLC now owns 435,962 shares of the company’s stock worth $3,100,000 after purchasing an additional 15,051 shares during the period. Finally, GPS Wealth Strategies Group LLC increased its holdings in shares of Archer Aviation by 57.4% during the first quarter. GPS Wealth Strategies Group LLC now owns 5,345 shares of the company’s stock worth $38,000 after purchasing an additional 1,950 shares during the period. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.