Needham & Company LLC Issues Pessimistic Forecast for Archer Aviation (NYSE:ACHR) Stock Price

Archer Aviation (NYSE:ACHR) had its price objective dropped by investment analysts at Needham & Company LLC from $13.00 to $10.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s target price points to a potential upside of 32.91% from the company’s current price.

ACHR has been the subject of a number of other research reports. Canaccord Genuity Group reissued a “buy” rating on shares of Archer Aviation in a research report on Thursday, July 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research note on Wednesday, October 8th. JPMorgan Chase & Co. upped their target price on Archer Aviation from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, August 1st. Cantor Fitzgerald reissued an “overweight” rating on shares of Archer Aviation in a report on Monday, October 27th. Finally, UBS Group reaffirmed a “buy” rating on shares of Archer Aviation in a report on Thursday, July 17th. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $13.00.

Archer Aviation Stock Performance

Shares of ACHR traded down $1.36 during mid-day trading on Friday, reaching $7.52. 50,235,333 shares of the company’s stock were exchanged, compared to its average volume of 37,423,547. The business’s fifty day simple moving average is $10.31 and its 200-day simple moving average is $10.21. Archer Aviation has a 52-week low of $3.49 and a 52-week high of $14.62. The company has a debt-to-equity ratio of 0.05, a current ratio of 22.30 and a quick ratio of 22.30. The stock has a market capitalization of $4.85 billion, a PE ratio of -5.57 and a beta of 3.07.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.20) EPS for the quarter, hitting analysts’ consensus estimates of ($0.20). On average, equities research analysts expect that Archer Aviation will post -1.32 earnings per share for the current year.

Insider Activity at Archer Aviation

In other news, CTO Thomas Paul Muniz sold 86,133 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $846,687.39. Following the sale, the chief technology officer directly owned 1,327,469 shares in the company, valued at approximately $13,049,020.27. The trade was a 6.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Tosha Perkins sold 42,775 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $420,478.25. Following the completion of the transaction, the insider directly owned 295,337 shares of the company’s stock, valued at approximately $2,903,162.71. The trade was a 12.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 188,068 shares of company stock valued at $1,848,708 in the last 90 days. 7.65% of the stock is owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

Several institutional investors and hedge funds have recently modified their holdings of the business. Clear Creek Financial Management LLC bought a new position in shares of Archer Aviation in the second quarter worth approximately $465,000. New York State Common Retirement Fund grew its position in shares of Archer Aviation by 47.6% in the 1st quarter. New York State Common Retirement Fund now owns 100,087 shares of the company’s stock worth $712,000 after buying an additional 32,300 shares during the last quarter. Private Advisor Group LLC increased its stake in shares of Archer Aviation by 429.6% during the first quarter. Private Advisor Group LLC now owns 272,072 shares of the company’s stock valued at $1,934,000 after buying an additional 220,696 shares during the period. Virtu Financial LLC raised its holdings in shares of Archer Aviation by 704.2% during the first quarter. Virtu Financial LLC now owns 359,555 shares of the company’s stock valued at $2,556,000 after acquiring an additional 314,844 shares in the last quarter. Finally, Swiss National Bank lifted its stake in Archer Aviation by 42.4% in the first quarter. Swiss National Bank now owns 728,900 shares of the company’s stock worth $5,182,000 after acquiring an additional 217,200 shares during the period. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.