Archer Aviation Inc. (NYSE:ACHR) Receives Consensus Recommendation of “Hold” from Brokerages

Archer Aviation Inc. (NYSE:ACHR) has received a consensus recommendation of “Hold” from the nine research firms that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $11.50.

ACHR has been the topic of a number of research analyst reports. Cantor Fitzgerald reissued an “overweight” rating and set a $11.00 price objective on shares of Archer Aviation in a report on Tuesday, August 11th. UBS Group restated an “overweight” rating on shares of Archer Aviation in a report on Tuesday, August 11th. HC Wainwright reaffirmed a “buy” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. Barclays upgraded shares of Archer Aviation to a “hold” rating in a research note on Wednesday, July 29th. Finally, Needham & Company LLC restated a “buy” rating and issued a $9.00 price objective on shares of Archer Aviation in a research note on Tuesday, August 11th.

Insider Transactions at Archer Aviation

In other news, CAO Harsh Rungta sold 13,880 shares of the business’s stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.41, for a total value of $88,970.80. Following the completion of the sale, the chief accounting officer directly owned 110,847 shares of the company’s stock, valued at approximately $710,529.27. The trade was a 11.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Priya Gupta sold 10,015 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $6.41, for a total value of $64,196.15. Following the completion of the sale, the chief financial officer directly owned 202,784 shares of the company’s stock, valued at approximately $1,299,845.44. This trade represents a 4.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 176,657 shares of company stock worth $1,122,371. Corporate insiders own 5.55% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Hedge funds have recently modified their holdings of the business. Gould Capital LLC boosted its stake in Archer Aviation by 238.1% during the 4th quarter. Gould Capital LLC now owns 3,560 shares of the company’s stock worth $27,000 after purchasing an additional 2,507 shares during the period. Modus Advisors LLC acquired a new position in Archer Aviation in the fourth quarter valued at $29,000. Basepoint Wealth LLC purchased a new stake in shares of Archer Aviation in the fourth quarter valued at about $32,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of Archer Aviation by 979.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,285 shares of the company’s stock valued at $32,000 after buying an additional 3,888 shares during the last quarter. Finally, Parallel Advisors LLC boosted its stake in shares of Archer Aviation by 59.4% during the first quarter. Parallel Advisors LLC now owns 8,786 shares of the company’s stock worth $45,000 after buying an additional 3,275 shares during the period. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

Archer Aviation Trading Up 1.3%

NYSE:ACHR opened at $5.04 on Friday. The stock has a 50-day simple moving average of $5.61 and a 200-day simple moving average of $5.62. The stock has a market cap of $3.88 billion, a P/E ratio of -4.66 and a beta of 3.27. Archer Aviation has a 1 year low of $4.30 and a 1 year high of $14.62. The company has a debt-to-equity ratio of 0.06, a quick ratio of 10.21 and a current ratio of 10.21.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.34) EPS for the quarter, meeting analysts’ consensus estimates of ($0.34). The business had revenue of $5.00 million during the quarter, compared to analysts’ expectations of $1.94 million. As a group, analysts anticipate that Archer Aviation will post -1.37 earnings per share for the current fiscal year.

Archer Aviation Company Profile

Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its goal is to provide quieter, lower-emission transportation for short passenger trips, including airport transfers and travel between urban and suburban locations.

The company’s primary aircraft is Midnight, a piloted, four-passenger eVTOL aircraft designed for frequent short-distance flights. Archer has also developed Maker, a smaller technology demonstrator used to test its electric propulsion, flight-control and other aircraft systems.