Archer Aviation (NYSE:ACHR) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Archer Aviation (NYSE:ACHR) in a research report sent to investors on Tuesday morning,Benzinga reports. The firm currently has a $13.00 target price on the stock.

ACHR has been the subject of several other reports. Canaccord Genuity Group restated a “buy” rating on shares of Archer Aviation in a research note on Thursday, July 17th. UBS Group restated a “buy” rating on shares of Archer Aviation in a research note on Thursday, July 17th. HC Wainwright reiterated a “buy” rating and issued a $18.00 price target (up previously from $12.00) on shares of Archer Aviation in a research note on Monday, June 9th. JPMorgan Chase & Co. increased their price target on Archer Aviation from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, August 1st. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Archer Aviation in a research note on Thursday, July 17th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $13.43.

Archer Aviation Stock Performance

Shares of ACHR opened at $10.25 on Tuesday. The stock has a market cap of $5.63 billion, a P/E ratio of -7.59 and a beta of 3.08. Archer Aviation has a 52 week low of $2.82 and a 52 week high of $13.92. The company has a quick ratio of 15.80, a current ratio of 15.80 and a debt-to-equity ratio of 0.07. The business’s 50 day moving average price is $10.59 and its 200-day moving average price is $9.37.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Monday, August 11th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.12). Equities research analysts anticipate that Archer Aviation will post -1.32 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ACHR. J.W. Cole Advisors Inc. lifted its holdings in shares of Archer Aviation by 177.7% in the 2nd quarter. J.W. Cole Advisors Inc. now owns 65,388 shares of the company’s stock valued at $709,000 after acquiring an additional 41,844 shares during the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of Archer Aviation by 68.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 3,622 shares of the company’s stock valued at $39,000 after acquiring an additional 1,471 shares during the last quarter. XTX Topco Ltd bought a new position in shares of Archer Aviation in the 2nd quarter valued at about $496,000. Steward Partners Investment Advisory LLC lifted its holdings in shares of Archer Aviation by 4.2% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 81,296 shares of the company’s stock valued at $882,000 after acquiring an additional 3,300 shares during the last quarter. Finally, CreativeOne Wealth LLC lifted its holdings in shares of Archer Aviation by 63.5% in the 2nd quarter. CreativeOne Wealth LLC now owns 37,345 shares of the company’s stock valued at $405,000 after acquiring an additional 14,507 shares during the last quarter. Hedge funds and other institutional investors own 59.34% of the company’s stock.

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.