JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Archer Aviation (NYSE:ACHR) Stock

Archer Aviation (NYSE:ACHR) had its price target increased by investment analysts at JPMorgan Chase & Co. from $9.00 to $10.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 3.52% from the company’s previous close.

ACHR has been the topic of several other reports. Needham & Company LLC reissued a “buy” rating and set a $13.00 target price on shares of Archer Aviation in a research report on Tuesday, May 13th. Canaccord Genuity Group reissued a “buy” rating on shares of Archer Aviation in a research report on Thursday, July 17th. HC Wainwright reissued a “buy” rating and set a $18.00 target price (up from $12.00) on shares of Archer Aviation in a research report on Monday, June 9th. UBS Group reissued a “buy” rating on shares of Archer Aviation in a research report on Thursday, July 17th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Archer Aviation in a research report on Thursday, July 17th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $13.25.

Archer Aviation Price Performance

Shares of NYSE:ACHR opened at $9.66 on Friday. The company has a current ratio of 15.80, a quick ratio of 15.80 and a debt-to-equity ratio of 0.07. Archer Aviation has a 1 year low of $2.82 and a 1 year high of $13.92. The business has a fifty day simple moving average of $10.64 and a 200 day simple moving average of $9.34. The firm has a market cap of $5.30 billion, a price-to-earnings ratio of -7.37 and a beta of 3.09.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Monday, May 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.04. As a group, sell-side analysts predict that Archer Aviation will post -1.32 earnings per share for the current fiscal year.

Insider Transactions at Archer Aviation

In other Archer Aviation news, CFO Mark Mesler sold 50,775 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $12.99, for a total value of $659,567.25. Following the sale, the chief financial officer owned 711,525 shares of the company’s stock, valued at $9,242,709.75. This trade represents a 6.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Tosha Perkins sold 40,186 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $12.99, for a total value of $522,016.14. Following the completion of the sale, the insider directly owned 256,799 shares in the company, valued at $3,335,819.01. This trade represents a 13.53% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 326,960 shares of company stock worth $4,018,019. Insiders own 7.65% of the company’s stock.

Institutional Trading of Archer Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ACHR. Jennison Associates LLC acquired a new stake in Archer Aviation during the second quarter worth about $371,000. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its position in Archer Aviation by 143.7% during the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 735,683 shares of the company’s stock worth $7,982,000 after buying an additional 433,808 shares in the last quarter. Advisory Alpha LLC grew its position in Archer Aviation by 12.6% during the second quarter. Advisory Alpha LLC now owns 15,866 shares of the company’s stock worth $172,000 after buying an additional 1,770 shares in the last quarter. United Capital Management of KS Inc. acquired a new stake in Archer Aviation during the second quarter worth about $338,000. Finally, Teacher Retirement System of Texas grew its position in Archer Aviation by 12.0% during the second quarter. Teacher Retirement System of Texas now owns 61,583 shares of the company’s stock worth $668,000 after buying an additional 6,581 shares in the last quarter. Institutional investors and hedge funds 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.