Archer Aviation's (ACHR) Buy Rating Reaffirmed at HC Wainwright

Key Points

• HC Wainwright has reaffirmed a "buy" rating on Archer Aviation (ACHR) with a price target of $18.00, indicating a potential upside of 88.46% from the current price.
• Analyst ratings for Archer Aviation show a consensus of "Moderate Buy", with seven analysts giving buy ratings and an average price target of $13.43.
• Insider selling activity included significant sales by Tosha Perkins and CTO Thomas Paul Muniz, with a total of 326,960 shares sold valued at approximately $4 million in the last quarter.

Archer Aviation (NYSE:ACHR - Get Free Report)'s stock had its "buy" rating restated by analysts at HC Wainwright in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $18.00 price objective on the stock. HC Wainwright's price objective points to a potential upside of 80.27% from the company's previous close.

Several other brokerages also recently issued reports on ACHR. UBS Group restated a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Needham & Company LLC reiterated a "buy" rating and set a $13.00 target price on shares of Archer Aviation in a research note on Tuesday. JPMorgan Chase & Co. boosted their price target on Archer Aviation from $9.00 to $10.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Archer Aviation in a report on Thursday, July 17th. Finally, Canaccord Genuity Group reiterated a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $13.43.

Archer Aviation Stock Down 2.1%

ACHR stock traded down $0.22 during midday trading on Tuesday, hitting $9.99. The company's stock had a trading volume of 25,963,481 shares, compared to its average volume of 33,245,395. The stock has a market capitalization of $5.48 billion, a P/E ratio of -7.40 and a beta of 3.08. The company's fifty day moving average price is $10.60 and its 200 day moving average price is $9.37. The company has a debt-to-equity ratio of 0.05, a current ratio of 22.30 and a quick ratio of 15.80. Archer Aviation has a twelve month low of $2.82 and a twelve month high of $13.92.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings data on Monday, August 11th. The company reported ($0.36) EPS for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.12). As a group, equities research analysts predict that Archer Aviation will post -1.32 EPS for the current year.

Insider Activity

In other news, CFO Mark Mesler sold 50,775 shares of the company's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $659,567.25. Following the completion of the sale, the chief financial officer directly owned 711,525 shares in the company, valued at approximately $9,242,709.75. This represents a 6.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Tosha Perkins sold 40,186 shares of the 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 sale, the insider owned 256,799 shares in the company, valued at $3,335,819.01. The trade was a 13.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 326,960 shares of company stock worth $4,018,019. 7.65% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Archer Aviation

Several large investors have recently bought and sold shares of the company. California State Teachers Retirement System grew its position in shares of Archer Aviation by 26.2% during the 4th quarter. California State Teachers Retirement System now owns 241,396 shares of the company's stock worth $2,354,000 after buying an additional 50,104 shares during the period. New York State Common Retirement Fund boosted its stake in Archer Aviation by 47.6% during the first quarter. New York State Common Retirement Fund now owns 100,087 shares of the company's stock worth $712,000 after acquiring an additional 32,300 shares in the last quarter. Private Advisor Group LLC boosted its stake in Archer Aviation by 429.6% during the first quarter. Private Advisor Group LLC now owns 272,072 shares of the company's stock worth $1,934,000 after acquiring an additional 220,696 shares in the last quarter. Virtu Financial LLC grew its holdings in Archer Aviation by 704.2% in the first quarter. Virtu Financial LLC now owns 359,555 shares of the company's stock worth $2,556,000 after purchasing an additional 314,844 shares during the period. Finally, Janney Montgomery Scott LLC increased its stake in Archer Aviation by 64.2% in the first quarter. Janney Montgomery Scott LLC now owns 81,681 shares of the company's stock valued at $581,000 after purchasing an additional 31,933 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors.

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.