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

Key Points

• Archer Aviation's stock received a "buy" rating from Needham & Company LLC with a price target of $13.00, suggesting a potential upside of 36.11% from its previous close.
• Multiple brokerages have issued buy ratings for Archer Aviation, with a consensus rating of "Moderate Buy" and an average target price of $13.43.
• Insiders sold over 326,000 shares of Archer Aviation stock in the last 90 days, reflecting a total value of approximately $4 million.

Archer Aviation (NYSE:ACHR - Get Free Report)'s stock had its "buy" rating reissued by equities researchers at Needham & Company LLC in a report issued on Tuesday,Benzinga reports. They currently have a $13.00 price target on the stock. Needham & Company LLC's target price would indicate a potential upside of 30.20% from the company's previous close.

A number of other equities analysts have also commented on the stock. UBS Group restated a "buy" rating on shares of Archer Aviation in a research report on Thursday, July 17th. Cantor Fitzgerald restated an "overweight" rating on shares of Archer Aviation in a research report on Thursday, July 17th. JPMorgan Chase & Co. raised their price target on Archer Aviation from $9.00 to $10.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Canaccord Genuity Group reissued a "buy" rating on shares of Archer Aviation in a research note on Thursday, July 17th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $18.00 price target (up from $12.00) on shares of Archer Aviation in a report on Monday, June 9th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $13.43.

Archer Aviation Stock Performance

ACHR traded down $0.22 during trading on Tuesday, reaching $9.99. 25,963,481 shares of the company's stock were exchanged, compared to its average volume of 33,245,395. Archer Aviation has a fifty-two week low of $2.82 and a fifty-two week high of $13.92. The company has a market capitalization of $5.48 billion, a P/E ratio of -7.40 and a beta of 3.08. The company has a quick ratio of 15.80, a current ratio of 22.30 and a debt-to-equity ratio of 0.05. The business has a 50 day moving average price of $10.60 and a 200 day moving average price of $9.37.

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

Insider Buying and Selling

In other Archer Aviation news, insider Tosha Perkins sold 40,186 shares of the company's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $522,016.14. Following the completion of the sale, the insider owned 256,799 shares in the company, valued at approximately $3,335,819.01. The trade was a 13.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Thomas Paul Muniz sold 80,919 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $12.99, for a total value of $1,051,137.81. Following the completion of the transaction, the chief technology officer owned 1,253,294 shares in the company, valued at $16,280,289.06. This represents a 6.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 326,960 shares of company stock worth $4,018,019. 7.65% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Allworth Financial LP boosted its position in shares of Archer Aviation by 87.0% during the first quarter. Allworth Financial LP now owns 3,577 shares of the company's stock worth $25,000 after purchasing an additional 1,664 shares in the last quarter. Sunbelt Securities Inc. acquired a new stake in Archer Aviation during the 4th quarter worth $27,000. Strs Ohio bought a new position in Archer Aviation during the first quarter worth about $27,000. Tidemark LLC grew its stake in Archer Aviation by 100.0% in the first quarter. Tidemark LLC now owns 4,000 shares of the company's stock valued at $28,000 after acquiring an additional 2,000 shares during the period. Finally, AlphaQuest LLC grew its stake in Archer Aviation by 1,181.6% in the second quarter. AlphaQuest LLC now owns 2,576 shares of the company's stock valued at $28,000 after acquiring an additional 2,375 shares during the period. 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.