Canaccord Genuity Group Issues Pessimistic Forecast for Archer Aviation (NYSE:ACHR) Stock Price

Archer Aviation (NYSE:ACHR) had its target price reduced by investment analysts at Canaccord Genuity Group from $13.00 to $12.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 38.65% from the stock’s previous close.

Several other equities analysts have also commented on the stock. Needham & Company LLC decreased their price objective on shares of Archer Aviation from $13.00 to $10.00 and set a “buy” rating on the stock in a report on Friday, November 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a research report on Wednesday, October 8th. JPMorgan Chase & Co. decreased their price target on Archer Aviation from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Friday, November 7th. HC Wainwright restated a “buy” rating and set a $18.00 price target on shares of Archer Aviation in a research report on Tuesday, August 12th. Finally, Cantor Fitzgerald set a $13.00 price objective on Archer Aviation in a research note on Monday. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Archer Aviation presently has an average rating of “Moderate Buy” and a consensus price target of $12.57.

Archer Aviation Stock Down 3.2%

Shares of NYSE:ACHR opened at $8.66 on Tuesday. The company has a market capitalization of $5.58 billion, a price-to-earnings ratio of -6.87 and a beta of 3.07. Archer Aviation has a 12-month low of $4.05 and a 12-month high of $14.62. The business has a 50-day moving average price of $10.29 and a 200 day moving average price of $10.24. The company has a current ratio of 18.19, a quick ratio of 18.19 and a debt-to-equity ratio of 0.05.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Thursday, November 6th. The company reported ($0.20) EPS for the quarter, meeting analysts’ consensus estimates of ($0.20). Sell-side analysts expect that Archer Aviation will post -1.32 EPS for the current year.

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, insider Eric Lentell sold 48,936 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $481,040.88. Following the sale, the insider owned 47,518 shares of the company’s stock, valued at $467,101.94. This trade represents a 50.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Tosha Perkins sold 42,775 shares of Archer Aviation stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $420,478.25. Following the completion of the transaction, the insider owned 295,337 shares of the company’s stock, valued at $2,903,162.71. The trade was a 12.65% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 188,068 shares of company stock worth $1,848,708. 7.65% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Clear Creek Financial Management LLC acquired a new position in Archer Aviation in the 2nd quarter valued at $465,000. New York State Common Retirement Fund boosted its holdings in shares of Archer Aviation by 47.6% in the first quarter. New York State Common Retirement Fund now owns 100,087 shares of the company’s stock valued at $712,000 after acquiring an additional 32,300 shares in the last quarter. Private Advisor Group LLC increased its stake in shares of Archer Aviation by 429.6% during the first quarter. Private Advisor Group LLC now owns 272,072 shares of the company’s stock worth $1,934,000 after acquiring an additional 220,696 shares during the period. Virtu Financial LLC increased its stake in shares of Archer Aviation by 704.2% during the first quarter. Virtu Financial LLC now owns 359,555 shares of the company’s stock worth $2,556,000 after acquiring an additional 314,844 shares during the period. Finally, Swiss National Bank raised its holdings in Archer Aviation by 42.4% during the first quarter. Swiss National Bank now owns 728,900 shares of the company’s stock worth $5,182,000 after purchasing an additional 217,200 shares in the last quarter. Hedge funds and other institutional investors 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.