Archer Aviation (NYSE:ACHR) Price Target Cut to $12.00 by Analysts at Benchmark

Archer Aviation (NYSE:ACHRGet Rating) had its price objective trimmed by Benchmark to $12.00 in a report published on Thursday morning, Stock Target Advisor reports. The brokerage currently has a na rating on the stock.

A number of other equities analysts have also recently weighed in on the stock. JPMorgan Chase & Co. started coverage on shares of Archer Aviation in a research note on Thursday, April 28th. They set an overweight rating and a $7.00 price target on the stock. Zacks Investment Research cut shares of Archer Aviation from a buy rating to a sell rating in a research note on Tuesday, May 17th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Archer Aviation in a research note on Monday, April 11th. They issued a buy rating and a $10.00 price objective on the stock. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Archer Aviation has a consensus rating of Hold and an average target price of $8.79.

NYSE:ACHR opened at $3.48 on Thursday. Archer Aviation has a fifty-two week low of $2.61 and a fifty-two week high of $10.72. The firm’s fifty day simple moving average is $4.16 and its 200-day simple moving average is $4.54.

In other news, major shareholder Marc E. Lore bought 87,402 shares of Archer Aviation stock in a transaction on Tuesday, March 1st. The shares were bought at an average cost of $3.12 per share, for a total transaction of $272,694.24. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Marc E. Lore bought 41,405 shares of Archer Aviation stock in a transaction on Thursday, March 10th. The stock was purchased at an average price of $3.25 per share, for a total transaction of $134,566.25. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 541,303 shares of company stock worth $1,666,395.

A number of large investors have recently added to or reduced their stakes in ACHR. Greycroft LP purchased a new position in shares of Archer Aviation during the 4th quarter worth about $37,853,000. ARK Investment Management LLC lifted its holdings in shares of Archer Aviation by 97.1% during the 4th quarter. ARK Investment Management LLC now owns 11,306,020 shares of the company’s stock worth $68,288,000 after acquiring an additional 5,568,451 shares during the period. Invesco Ltd. purchased a new position in shares of Archer Aviation during the 4th quarter worth about $20,444,000. Third Point LLC purchased a new position in shares of Archer Aviation during the 3rd quarter worth about $22,200,000. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Archer Aviation by 76.5% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,155,038 shares of the company’s stock worth $25,096,000 after acquiring an additional 1,800,936 shares during the period. Institutional investors own 37.12% of the company’s stock.

About Archer Aviation (Get Rating)

Archer Aviation Inc, an urban air mobility company, engages in designs, develops, manufactures, and operates electric vertical takeoff and landing aircrafts to carry passengers. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc Archer Aviation Inc was incorporated in 2018 and is headquartered in Palo Alto, California.

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