Needham & Company LLC Reiterates Buy Rating for Archer Aviation (NYSE:ACHR)

Archer Aviation (NYSE:ACHR)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a research note issued to investors on Thursday,Benzinga reports. They currently have a $11.00 price target on the stock. Needham & Company LLC’s price target suggests a potential upside of 24.58% from the stock’s previous close.

Several other brokerages have also issued reports on ACHR. JPMorgan Chase & Co. lowered shares of Archer Aviation from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Canaccord Genuity Group increased their price objective on shares of Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. HC Wainwright reaffirmed a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a research report on Monday, December 16th. Cantor Fitzgerald upped their price target on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $11.38.

Archer Aviation Stock Up 7.4 %

Shares of NYSE:ACHR opened at $8.83 on Thursday. Archer Aviation has a 1 year low of $2.82 and a 1 year high of $12.48. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The business’s 50-day moving average is $7.96 and its 200-day moving average is $5.14. The company has a market capitalization of $3.76 billion, a price-to-earnings ratio of -6.69 and a beta of 3.15.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the previous year, the business earned ($0.19) earnings per share. Equities research analysts predict that Archer Aviation will post -1.28 earnings per share for the current year.

Insider Transactions at Archer Aviation

In other news, CEO Adam D. Goldstein bought 19,762 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were purchased at an average price of $5.12 per share, with a total value of $101,181.44. Following the transaction, the chief executive officer now directly owns 2,014,890 shares in the company, valued at $10,316,236.80. This represents a 0.99 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Deborah Diaz bought 5,150 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was acquired at an average price of $7.48 per share, for a total transaction of $38,522.00. Following the purchase, the director now directly owns 98,886 shares in the company, valued at approximately $739,667.28. The trade was a 5.49 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 776,791 shares of company stock valued at $5,139,699 and sold 1,862,899 shares valued at $12,201,707. Company insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

Institutional investors and hedge funds have recently modified their holdings of the business. HBK Investments L P bought a new position in Archer Aviation in the 3rd quarter valued at $6,818,000. Sora Investors LLC purchased a new position in shares of Archer Aviation in the 3rd quarter worth about $3,429,000. Yarbrough Capital LLC bought a new position in Archer Aviation during the fourth quarter valued at about $6,039,000. Stifel Financial Corp increased its holdings in Archer Aviation by 574.5% during the third quarter. Stifel Financial Corp now owns 459,171 shares of the company’s stock worth $1,391,000 after buying an additional 391,092 shares during the last quarter. Finally, Barclays PLC raised its position in Archer Aviation by 272.7% in the third quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after acquiring an additional 312,440 shares during the period. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.