Brokerages Set Archer Aviation Inc. (NYSE:ACHR) PT at $13.13

Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) have received an average rating of "Moderate Buy" from the eight research firms that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a hold rating and seven have issued a buy rating on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $13.13.

ACHR has been the topic of a number of research reports. Canaccord Genuity Group reduced their target price on shares of Archer Aviation from $13.50 to $13.00 and set a "buy" rating on the stock in a report on Monday, June 16th. Cantor Fitzgerald reiterated an "overweight" rating and set a $13.00 target price on shares of Archer Aviation in a report on Monday, June 23rd. Needham & Company LLC reiterated a "buy" rating and set a $13.00 target price on shares of Archer Aviation in a report on Tuesday, May 13th. Finally, HC Wainwright reiterated a "buy" rating and set a $18.00 target price (up from $12.00) on shares of Archer Aviation in a report on Monday, June 9th.

Archer Aviation Trading Up 1.6%

Shares of ACHR stock traded up $0.16 during trading hours on Wednesday, hitting $10.14. The company had a trading volume of 19,267,642 shares, compared to its average volume of 26,757,496. The company's fifty day moving average is $10.22 and its 200 day moving average is $9.20. The company has a debt-to-equity ratio of 0.07, a current ratio of 15.80 and a quick ratio of 15.80. Archer Aviation has a fifty-two week low of $2.82 and a fifty-two week high of $13.92. The stock has a market capitalization of $5.56 billion, a PE ratio of -7.74 and a beta of 3.10.

Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings data on Monday, May 12th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.04. Research analysts expect that Archer Aviation will post -1.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Tosha Perkins sold 40,186 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $522,016.14. Following the completion of the transaction, the insider directly owned 256,799 shares of the company's stock, valued at approximately $3,335,819.01. This represents a 13.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Eric Lentell sold 95,896 shares of the business's stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $10.60, for a total value of $1,016,497.60. The disclosure for this sale can be found here. Insiders sold 376,960 shares of company stock valued at $4,441,519 over the last 90 days. 7.65% of the stock is currently owned by corporate insiders.

Institutional Trading of Archer Aviation

Several institutional investors have recently modified their holdings of the stock. Voya Investment Management LLC increased its position in shares of Archer Aviation by 22.7% during the first quarter. Voya Investment Management LLC now owns 86,005 shares of the company's stock worth $611,000 after purchasing an additional 15,936 shares in the last quarter. Rhumbline Advisers boosted its position in shares of Archer Aviation by 38.0% in the 1st quarter. Rhumbline Advisers now owns 430,920 shares of the company's stock valued at $3,064,000 after purchasing an additional 118,598 shares during the period. Strs Ohio acquired a new stake in shares of Archer Aviation in the 1st quarter valued at about $27,000. Intech Investment Management LLC boosted its position in shares of Archer Aviation by 89.4% in the 1st quarter. Intech Investment Management LLC now owns 196,100 shares of the company's stock valued at $1,394,000 after purchasing an additional 92,553 shares during the period. Finally, Focus Partners Wealth boosted its position in shares of Archer Aviation by 6.0% in the 1st quarter. Focus Partners Wealth now owns 38,284 shares of the company's stock valued at $271,000 after purchasing an additional 2,179 shares during the period. 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.