Archer Aviation's (ACHR) "Buy" Rating Reaffirmed at Needham & Company LLC

Archer Aviation (NYSE:ACHR - Get Free Report)'s stock had its "buy" rating restated by equities research analysts at Needham & Company LLC in a research report issued on Tuesday,Benzinga reports. They presently have a $13.00 price target on the stock. Needham & Company LLC's price target suggests a potential upside of 43.23% from the stock's current price.

Other equities analysts have also issued research reports about the company. Raymond James lifted their price target on Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research note on Friday, February 21st. HC Wainwright reaffirmed a "buy" rating and set a $12.50 target price on shares of Archer Aviation in a research note on Friday, February 28th. Finally, Canaccord Genuity Group increased their price objective on shares of Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a report on Friday, February 28th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $11.61.

Archer Aviation Stock Up 3.0%

Archer Aviation stock opened at $9.08 on Tuesday. The business's 50-day moving average price is $7.76 and its 200 day moving average price is $7.93. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The firm has a market cap of $4.92 billion, a price-to-earnings ratio of -6.88 and a beta of 3.13. Archer Aviation has a 52 week low of $2.82 and a 52 week high of $12.48.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.04. As a group, sell-side analysts anticipate that Archer Aviation will post -1.32 earnings per share for the current year.

Insider Transactions at Archer Aviation

In other news, insider Tosha Perkins sold 49,273 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $379,402.10. Following the completion of the sale, the insider now owns 232,396 shares in the company, valued at approximately $1,789,449.20. The trade was a 17.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mark Mesler sold 62,258 shares of the business's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $479,386.60. Following the completion of the sale, the chief financial officer now directly owns 630,243 shares of the company's stock, valued at approximately $4,852,871.10. This trade represents a 8.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 474,780 shares of company stock worth $3,581,581. 9.75% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Archer Aviation

Institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP increased its holdings in shares of Archer Aviation by 87.0% in the first quarter. Allworth Financial LP now owns 3,577 shares of the company's stock valued at $25,000 after purchasing an additional 1,664 shares during the period. Sunbelt Securities Inc. acquired a new position in Archer Aviation in the 4th quarter valued at $27,000. Tidemark LLC raised its position in Archer Aviation by 100.0% during the 1st quarter. Tidemark LLC now owns 4,000 shares of the company's stock worth $28,000 after buying an additional 2,000 shares during the last quarter. Conquis Financial LLC acquired a new stake in shares of Archer Aviation in the 4th quarter worth $29,000. Finally, Harbour Investments Inc. boosted its holdings in shares of Archer Aviation by 54.7% in the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock valued at $30,000 after acquiring an additional 1,095 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company's stock.

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.

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