Archer Aviation (NYSE:ACHR) Earns Overweight Rating from Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of Archer Aviation (NYSE:ACHR - Free Report) in a report published on Monday,Benzinga reports. Cantor Fitzgerald currently has a $13.00 price target on the stock.

Other analysts have also issued reports about the stock. HC Wainwright restated a "buy" rating and issued a $18.00 price target (up from $12.00) on shares of Archer Aviation in a research report on Monday, June 9th. Needham & Company LLC reissued a "buy" rating and set a $13.00 target price on shares of Archer Aviation in a research report on Tuesday, May 13th. Finally, Canaccord Genuity Group cut their target price on Archer Aviation from $13.50 to $13.00 and set a "buy" rating for the company in a research report on Monday, June 16th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $13.13.

Archer Aviation Stock Performance

Shares of NYSE ACHR traded down $0.05 during trading hours on Monday, hitting $9.99. 37,605,422 shares of the company's stock were exchanged, compared to its average volume of 25,753,039. The company's 50-day moving average price is $9.67 and its 200-day moving average price is $9.06. Archer Aviation has a 1-year low of $2.82 and a 1-year high of $13.92. The stock has a market capitalization of $5.48 billion, a price-to-earnings ratio of -7.63 and a beta of 3.13. 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 (NYSE:ACHR - Get Free Report) last issued its quarterly earnings results on Monday, May 12th. The company reported ($0.17) EPS for the quarter, topping analysts' consensus estimates of ($0.21) by $0.04. On average, sell-side analysts expect that Archer Aviation will post -1.32 earnings per share for the current fiscal year.

Insider Activity

In related news, General Counsel Eric Lentell sold 50,004 shares of the business's stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $352,028.16. Following the completion of the transaction, the general counsel now owns 45,416 shares in the company, valued at approximately $319,728.64. The trade was a 52.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mark Mesler sold 34,498 shares of the company's stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $242,865.92. Following the completion of the sale, the chief financial officer now directly owns 659,357 shares of the company's stock, valued at $4,641,873.28. The trade was a 4.97% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 451,859 shares of company stock valued at $4,627,418. 7.65% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently made changes to their positions in the company. Voya Investment Management LLC increased its holdings in shares of Archer Aviation by 22.7% in the first quarter. Voya Investment Management LLC now owns 86,005 shares of the company's stock worth $611,000 after acquiring an additional 15,936 shares in the last quarter. Rhumbline Advisers grew 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 position in shares of Archer Aviation in the 1st quarter valued at approximately $27,000. Intech Investment Management LLC increased its stake in Archer Aviation by 89.4% during the 1st quarter. Intech Investment Management LLC now owns 196,100 shares of the company's stock worth $1,394,000 after purchasing an additional 92,553 shares in the last quarter. Finally, Focus Partners Wealth raised its holdings in Archer Aviation by 6.0% during the 1st quarter. Focus Partners Wealth now owns 38,284 shares of the company's stock worth $271,000 after buying an additional 2,179 shares during the period. 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.