Brokerages Set Archer Aviation Inc. (NYSE:ACHR) Target Price at $12.00

Archer Aviation Inc. (NYSE:ACHR) has received an average rating of “Moderate Buy” from the eight brokerages that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and five have issued a buy recommendation on the company. The average 12-month price target among analysts that have covered the stock in the last year is $12.00.

ACHR has been the topic of several research analyst reports. Needham & Company LLC lowered their price target on Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research report on Wednesday, January 21st.

Insider Buying and Selling

In other news, CTO Thomas Paul Muniz sold 9,580 shares of the firm’s stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $6.27, for a total value of $60,066.60. Following the sale, the chief technology officer directly owned 1,352,208 shares of the company’s stock, valued at approximately $8,478,344.16. This trade represents a 0.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Eric Lentell sold 8,059 shares of the firm’s stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $6.27, for a total value of $50,529.93. Following the completion of the sale, the insider directly owned 150,119 shares in the company, valued at approximately $941,246.13. This represents a 5.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 255,750 shares of company stock valued at $1,645,333 in the last quarter. Insiders own 7.65% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Several hedge funds and other institutional investors have recently made changes to their positions in ACHR. Vanguard Group Inc. grew its position in Archer Aviation by 45.8% during the third quarter. Vanguard Group Inc. now owns 52,363,259 shares of the company’s stock worth $501,640,000 after buying an additional 16,452,398 shares in the last quarter. Norges Bank acquired a new stake in Archer Aviation during the fourth quarter worth about $58,494,000. Man Group plc grew its position in Archer Aviation by 13,793.3% during the second quarter. Man Group plc now owns 4,212,722 shares of the company’s stock worth $45,708,000 after buying an additional 4,182,400 shares in the last quarter. BNP Paribas Financial Markets grew its position in Archer Aviation by 423.3% during the fourth quarter. BNP Paribas Financial Markets now owns 5,126,217 shares of the company’s stock worth $38,549,000 after buying an additional 4,146,574 shares in the last quarter. Finally, ARK Investment Management LLC grew its position in Archer Aviation by 12.4% during the fourth quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company’s stock worth $264,484,000 after buying an additional 3,869,252 shares in the last quarter. 59.34% of the stock is owned by institutional investors and hedge funds.

Archer Aviation Price Performance

NYSE ACHR opened at $5.34 on Friday. Archer Aviation has a fifty-two week low of $4.80 and a fifty-two week high of $14.62. The stock’s 50-day moving average is $6.46 and its two-hundred day moving average is $8.24. The company has a debt-to-equity ratio of 0.05, a current ratio of 19.89 and a quick ratio of 19.89. The firm has a market cap of $3.97 billion, a P/E ratio of -5.39 and a beta of 3.24.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Monday, March 2nd. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.09). The business had revenue of $0.30 million during the quarter, compared to the consensus estimate of $1.40 million. The business’s revenue for the quarter was up 29900.0% compared to the same quarter last year. On average, analysts anticipate that Archer Aviation will post -1.32 earnings per share for the current fiscal year.

About Archer Aviation

Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.