Archer Aviation (NYSE:ACHR) Stock Gets Price Target Cut from Canaccord Genuity Group

Archer Aviation (NYSE:ACHR) had its price target cut by Canaccord Genuity Group from $12.00 to $9.50 in a report released on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other research analysts have also recently commented on the stock. UBS Group reissued an “overweight” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a report on Thursday, October 15th. Cantor Fitzgerald dropped their price target on shares of Archer Aviation from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Tuesday. HC Wainwright reiterated a “buy” rating on shares of Archer Aviation in a report on Tuesday, August 11th. Finally, Needham & Company LLC decreased their price objective on shares of Archer Aviation from $9.00 to $7.00 and set a “buy” rating for the company in a research report on Tuesday. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Archer Aviation has an average rating of “Moderate Buy” and an average price target of $10.58.

Archer Aviation Price Performance

ACHR stock opened at $4.03 on Wednesday. The firm has a market cap of $3.10 billion, a P/E ratio of -3.27 and a beta of 3.59. The company has a debt-to-equity ratio of 0.10, a quick ratio of 10.21 and a current ratio of 8.02. Archer Aviation has a 1 year low of $3.62 and a 1 year high of $9.29. The stock has a 50-day simple moving average of $4.76 and a 200-day simple moving average of $5.63.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Monday, November 9th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.01). The company had revenue of $5.10 million for the quarter, compared to analyst estimates of $3.57 million. Archer Aviation had a negative return on equity of 46.62% and a negative net margin of 7,869.17%. During the same period last year, the firm posted ($0.20) earnings per share. On average, equities analysts predict that Archer Aviation will post -1.37 earnings per share for the current fiscal year.

Insider Activity at Archer Aviation

In related news, CFO Priya Gupta sold 10,015 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $6.41, for a total value of $64,196.15. Following the transaction, the chief financial officer owned 202,784 shares in the company, valued at approximately $1,299,845.44. This represents a 4.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Eric Lentell sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $6.31, for a total transaction of $631,000.00. Following the transaction, the insider directly owned 85,011 shares in the company, valued at approximately $536,419.41. The trade was a 54.05% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 176,657 shares of company stock valued at $1,122,371. Insiders own 5.55% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Voya Investment Management LLC grew its stake in shares of Archer Aviation by 48.2% in the third quarter. Voya Investment Management LLC now owns 10,118,847 shares of the company’s stock worth $50,291,000 after acquiring an additional 3,289,910 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Archer Aviation by 7.3% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 8,072,347 shares of the company’s stock worth $40,120,000 after purchasing an additional 549,998 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Archer Aviation by 703.3% in the first quarter. Renaissance Technologies LLC now owns 2,514,300 shares of the company’s stock valued at $12,999,000 after acquiring an additional 2,201,300 shares during the last quarter. Bank of America Corp DE boosted its holdings in Archer Aviation by 33.2% in the first quarter. Bank of America Corp DE now owns 2,136,942 shares of the company’s stock valued at $11,048,000 after acquiring an additional 532,762 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in Archer Aviation in the second quarter worth about $10,190,000. Institutional investors and hedge funds own 59.34% of the company’s stock.

Latest Archer Aviation News

Investors following ACHR have been watching these news items:

• Positive Sentiment: ARK Invest bought Archer shares, including a reported 348,176-share purchase, signaling confidence from Cathie Wood’s fund after the company’s results. ARK Invest purchase
• Neutral Sentiment: Archer reported quarterly revenue above analyst expectations but missed the EPS consensus by one cent. Its FAA certification progress and liquidity are potential supports, though certification still has further hurdles. FAA certification milestone
• Negative Sentiment: Analyst price-target reductions following the quarterly results weighed on sentiment; reports cited cuts from Cantor Fitzgerald and Needham. Canaccord Genuity, however, maintained a Buy rating and set a $9.50 target. Analyst ratings Canaccord rating

About Archer Aviation

Archer Aviation is an aerospace company based in San Jose, California, that develops electric vertical takeoff and landing (eVTOL) aircraft and related services. Its aircraft are designed for short passenger trips, including potential air taxi routes between urban areas and nearby airports. The company’s primary aircraft is Midnight, a piloted eVTOL designed to carry four passengers and a pilot. Archer is working to bring the aircraft to commercial service, subject to regulatory approvals, and is pursuing operations in the United States and international markets.