Archer Aviation Inc. (NYSE:ACHR) Stock Now Rated “Moderate Buy” by Wall Street Analysts

Archer Aviation Inc. (NYSE:ACHR) has been assigned an average recommendation of “Moderate Buy” from the nine analysts that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $11.00.

A number of equities analysts recently commented on the company. HC Wainwright restated a “buy” rating on shares of Archer Aviation in a report on Tuesday, August 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research note on Thursday, October 15th. Wells Fargo & Company set a $18.00 target price on shares of Archer Aviation in a research report on Tuesday, August 11th. Barclays raised shares of Archer Aviation from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $4.50 to $8.00 in a research report on Friday, October 9th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $11.00 price target on shares of Archer Aviation in a report on Tuesday, August 11th.

Insider Activity

In other news, CAO Harsh Rungta sold 13,880 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $6.41, for a total value of $88,970.80. Following the sale, the chief accounting officer directly owned 110,847 shares in the company, valued at approximately $710,529.27. This represents a 11.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 10,015 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $6.41, for a total value of $64,196.15. Following the completion of the transaction, the chief financial officer directly owned 202,784 shares of the company’s stock, valued at approximately $1,299,845.44. The trade was a 4.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 176,657 shares of company stock worth $1,122,371. Corporate insiders own 5.55% of the company’s stock.

Institutional Trading of Archer Aviation

A number of large investors have recently bought and sold shares of ACHR. Renaissance Technologies LLC lifted its holdings in shares of Archer Aviation by 703.3% during the first quarter. Renaissance Technologies LLC now owns 2,514,300 shares of the company’s stock valued at $12,999,000 after acquiring an additional 2,201,300 shares during the period. Bank of New York Mellon Corp bought a new position in Archer Aviation in the second quarter valued at about $10,190,000. Bank of America Corp DE lifted its position in Archer Aviation by 33.2% during the 1st quarter. Bank of America Corp DE now owns 2,136,942 shares of the company’s stock valued at $11,048,000 after purchasing an additional 532,762 shares during the period. Hsbc Holdings PLC lifted its position in Archer Aviation by 476.7% during the 1st quarter. Hsbc Holdings PLC now owns 568,861 shares of the company’s stock valued at $2,928,000 after purchasing an additional 470,216 shares during the period. Finally, Odyssean LLC boosted its stake in shares of Archer Aviation by 707.0% in the 2nd quarter. Odyssean LLC now owns 260,940 shares of the company’s stock valued at $1,234,000 after purchasing an additional 228,606 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors.

Archer Aviation Price Performance

Shares of ACHR opened at $3.94 on Tuesday. The company has a market capitalization of $3.03 billion, a price-to-earnings ratio of -3.64 and a beta of 3.27. Archer Aviation has a fifty-two week low of $3.68 and a fifty-two week high of $11.72. The company has a debt-to-equity ratio of 0.06, a current ratio of 10.21 and a quick ratio of 10.21. The business’s 50-day moving average is $5.22 and its 200-day moving average is $5.93.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Monday, August 10th. The company reported ($0.34) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.34). The company had revenue of $5.00 million during the quarter, compared to analysts’ expectations of $1.94 million. Equities research analysts expect that Archer Aviation will post -1.37 EPS for the current fiscal year.

About Archer Aviation

Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its aircraft are designed to operate like helicopters for takeoff and landing while using distributed electric propulsion for quieter, lower-emission regional transportation.

The company’s primary aircraft program is Midnight, a piloted, four-passenger eVTOL aircraft intended for short urban and regional trips. Archer has also developed Maker, a technology demonstrator used to test its electric propulsion, flight-control and other aircraft systems.