Cantor Fitzgerald Reaffirms Overweight Rating for Archer Aviation (NYSE:ACHR)

Archer Aviation (NYSE:ACHR)‘s stock had its “overweight” rating restated by Cantor Fitzgerald in a note issued to investors on Friday, Marketbeat.com reports. They presently have a $13.00 price target on the stock. Cantor Fitzgerald’s price target points to a potential downside of 2.03% from the stock’s previous close.

A number of other equities analysts also recently weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $13.00 price target on shares of Archer Aviation in a research note on Tuesday, May 13th. Raymond James upped their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a research note on Friday, February 21st. HC Wainwright reaffirmed a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a research note on Tuesday, May 13th. Finally, Canaccord Genuity Group upped their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research note on Friday, February 28th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $12.50.

Archer Aviation Price Performance

Shares of NYSE:ACHR opened at $13.27 on Friday. The company’s fifty day moving average is $8.16 and its two-hundred day moving average is $8.14. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. Archer Aviation has a 12-month low of $2.82 and a 12-month high of $13.92. The company has a market cap of $7.20 billion, a P/E ratio of -10.05 and a beta of 3.13.

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

Insiders Place Their Bets

In other Archer Aviation news, CTO Thomas Paul Muniz sold 80,919 shares of the company’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $1,051,137.81. Following the completion of the sale, the chief technology officer now directly owns 1,253,294 shares in the company, valued at $16,280,289.06. This represents a 6.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Tosha Perkins sold 33,335 shares of the company’s stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $234,678.40. Following the sale, the insider now owns 262,673 shares of the company’s stock, valued at $1,849,217.92. This trade represents a 11.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 705,844 shares of company stock valued at $6,583,103 over the last three months. 7.65% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Archer Aviation

A number of hedge funds have recently bought and sold shares of ACHR. Hennion & Walsh Asset Management Inc. boosted its holdings in Archer Aviation by 25.5% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 55,750 shares of the company’s stock valued at $544,000 after acquiring an additional 11,317 shares during the period. Yarbrough Capital LLC bought a new stake in shares of Archer Aviation in the fourth quarter valued at about $6,039,000. Avanza Fonder AB bought a new stake in shares of Archer Aviation in the fourth quarter valued at about $674,000. Sara Bay Financial bought a new stake in shares of Archer Aviation in the fourth quarter valued at about $104,000. Finally, Purus Wealth Management LLC bought a new stake in shares of Archer Aviation in the fourth quarter valued at about $129,000. 59.34% of the stock is currently owned by institutional investors.

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.