Archer Aviation (NYSE:ACHR) Coverage Initiated by Analysts at The Goldman Sachs Group

The Goldman Sachs Group assumed coverage on shares of Archer Aviation (NYSE:ACHR) in a research report report published on Monday morning, MarketBeat Ratings reports. The brokerage issued a hold rating and a $11.00 target price on the stock.

Several other brokerages also recently commented on ACHR. Weiss Ratings reissued a “sell (d-)” rating on shares of Archer Aviation in a research note on Wednesday, October 8th. Canaccord Genuity Group increased their price target on Archer Aviation from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, November 21st. Needham & Company LLC cut their price objective on Archer Aviation from $13.00 to $10.00 and set a “buy” rating on the stock in a report on Friday, November 7th. HC Wainwright restated a “buy” rating and set a $18.00 price objective on shares of Archer Aviation in a research report on Tuesday, August 12th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Archer Aviation in a research report on Monday, November 24th. Seven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.50.

Archer Aviation Price Performance

Shares of Archer Aviation stock traded up $0.24 during trading on Monday, reaching $7.89. 12,140,670 shares of the company’s stock were exchanged, compared to its average volume of 39,419,586. The company has a debt-to-equity ratio of 0.05, a quick ratio of 18.19 and a current ratio of 18.19. Archer Aviation has a 1-year low of $5.48 and a 1-year high of $14.62. The company has a market cap of $5.14 billion, a P/E ratio of -6.27 and a beta of 3.10. The firm’s 50-day moving average price is $9.89 and its 200 day moving average price is $10.04.

Archer Aviation (NYSE:ACHR) last released its earnings results on Thursday, November 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.20). As a group, research analysts anticipate that Archer Aviation will post -1.32 earnings per share for the current year.

Insider Buying and Selling

In other news, CTO Thomas Paul Muniz sold 90,648 shares of the stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $7.49, for a total value of $678,953.52. Following the completion of the sale, the chief technology officer owned 1,397,129 shares of the company’s stock, valued at approximately $10,464,496.21. This represents a 6.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Eric Lentell sold 41,490 shares of Archer Aviation stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $7.49, for a total value of $310,760.10. Following the completion of the transaction, the insider directly owned 83,733 shares in the company, valued at approximately $627,160.17. This represents a 33.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 182,635 shares of company stock valued at $1,367,936 over the last 90 days. 7.65% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Archer Aviation

A number of institutional investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Archer Aviation by 67.2% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 106,136 shares of the company’s stock worth $755,000 after buying an additional 42,661 shares during the last quarter. LPL Financial LLC boosted its position in Archer Aviation by 30.6% during the first quarter. LPL Financial LLC now owns 360,964 shares of the company’s stock valued at $2,566,000 after acquiring an additional 84,522 shares during the last quarter. Harbour Investments Inc. grew its holdings in Archer Aviation by 148.3% during the 1st quarter. Harbour Investments Inc. now owns 7,689 shares of the company’s stock worth $55,000 after acquiring an additional 4,592 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Archer Aviation by 72.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 33,086 shares of the company’s stock worth $235,000 after acquiring an additional 13,891 shares in the last quarter. Finally, Cary Street Partners Financial LLC acquired a new position in shares of Archer Aviation in the 1st quarter valued at about $687,000. 59.34% of the stock is owned by 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.