Canaccord Genuity Group Has Lowered Expectations for Archer Aviation (NYSE:ACHR) Stock Price

Key Points

• Canaccord Genuity cut its price target on Archer from $13.00 to $12.00 but maintained a buy rating, which implies roughly a 36% upside from the current ~ $8.81 share price.
• Analyst consensus is a "Moderate Buy" with a $12.57 average price target based on 7 buys, 1 hold and 1 sell, showing generally positive but mixed coverage.
• Insider selling has been notable (188,068 shares worth ~$1.85M sold recently) while the company remains unprofitable (last quarter EPS -$0.20; FY estimate -$1.32) and the stock shows high volatility (beta 3.07).

Archer Aviation (NYSE:ACHR - Get Free Report) had its price target reduced by equities research analysts at Canaccord Genuity Group from $13.00 to $12.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price target would suggest a potential upside of 36.15% from the company's current price.

ACHR has been the subject of several other research reports. Cantor Fitzgerald set a $13.00 target price on Archer Aviation in a research note on Monday. JPMorgan Chase & Co. reduced their price objective on shares of Archer Aviation from $10.00 to $8.00 and set a "neutral" rating for the company in a research report on Friday. Weiss Ratings reiterated a "sell (d-)" rating on shares of Archer Aviation in a research report on Wednesday, October 8th. Needham & Company LLC reduced their price target on shares of Archer Aviation from $13.00 to $10.00 and set a "buy" rating for the company in a report on Friday. Finally, UBS Group reiterated a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $12.57.

Archer Aviation Stock Performance

Shares of ACHR stock traded up $0.36 on Tuesday, hitting $8.81. The company's stock had a trading volume of 69,004,446 shares, compared to its average volume of 38,200,484. Archer Aviation has a fifty-two week low of $4.05 and a fifty-two week high of $14.62. The company has a market capitalization of $5.69 billion, a PE ratio of -7.00 and a beta of 3.07. The stock's 50 day moving average is $10.28 and its 200-day moving average is $10.25. The company has a debt-to-equity ratio of 0.05, a quick ratio of 18.19 and a current ratio of 18.19.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its earnings results on Thursday, November 6th. The company reported ($0.20) EPS for the quarter, hitting the consensus estimate of ($0.20). Equities 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 Eric Lentell sold 48,936 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $481,040.88. Following the sale, the insider directly owned 47,518 shares in the company, valued at $467,101.94. This represents a 50.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CTO Thomas Paul Muniz sold 86,133 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $9.83, for a total transaction of $846,687.39. Following the completion of the transaction, the chief technology officer owned 1,327,469 shares of the company's stock, valued at $13,049,020.27. This trade represents a 6.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 188,068 shares of company stock worth $1,848,708 over the last quarter. 7.65% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ACHR. MAI Capital Management boosted its stake in Archer Aviation by 9.1% during the third quarter. MAI Capital Management now owns 19,934 shares of the company's stock valued at $191,000 after buying an additional 1,658 shares during the period. Optiver Holding B.V. bought a new position in shares of Archer Aviation in the third quarter worth approximately $41,000. Counterpoint Mutual Funds LLC bought a new position in shares of Archer Aviation during the third quarter valued at about $517,000. Palumbo Wealth Management LLC increased its stake in shares of Archer Aviation by 36.8% during the third quarter. Palumbo Wealth Management LLC now owns 111,861 shares of the company's stock valued at $1,072,000 after purchasing an additional 30,104 shares in the last quarter. Finally, AXQ Capital LP purchased a new position in shares of Archer Aviation during the third quarter valued at approximately $587,000. 59.34% of the stock is currently owned by hedge funds and other 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.

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