Needham & Company LLC Reiterates “Buy” Rating for Archer Aviation (NYSE:ACHR)

Needham & Company LLC reissued their buy rating on shares of Archer Aviation (NYSE:ACHR) in a research report sent to investors on Tuesday, Marketbeat.com reports. Needham & Company LLC currently has a $13.00 price target on the stock.

Several other analysts have also commented on ACHR. HC Wainwright reiterated a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a research report on Friday, February 28th. Raymond James increased their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a research report on Friday, February 21st. Finally, Canaccord Genuity Group increased their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a research report on Friday, February 28th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $11.61.

Archer Aviation Trading Up 23.0%

Shares of Archer Aviation stock opened at $11.17 on Tuesday. Archer Aviation has a 12-month low of $2.82 and a 12-month high of $12.48. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a market cap of $6.06 billion, a PE ratio of -8.46 and a beta of 3.13. The company has a 50-day moving average of $7.84 and a two-hundred day moving average of $7.95.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.10. On average, research analysts anticipate that Archer Aviation will post -1.32 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Mark Mesler sold 34,498 shares of the firm’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $242,865.92. Following the sale, the chief financial officer now owns 659,357 shares in the company, valued at approximately $4,641,873.28. This trade represents a 4.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Tosha Perkins sold 49,273 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $379,402.10. Following the sale, the insider now owns 232,396 shares in the company, valued at approximately $1,789,449.20. This trade represents a 17.49% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 474,780 shares of company stock worth $3,581,581. 9.75% of the stock is owned by insiders.

Institutional Trading of Archer Aviation

Hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its holdings in shares of Archer Aviation by 24.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,277,530 shares of the company’s stock valued at $22,206,000 after purchasing an additional 446,864 shares during the last quarter. Private Advisor Group LLC boosted its holdings in shares of Archer Aviation by 253.4% in the 4th quarter. Private Advisor Group LLC now owns 51,376 shares of the company’s stock valued at $501,000 after purchasing an additional 36,840 shares during the last quarter. ARK Investment Management LLC boosted its holdings in shares of Archer Aviation by 27.1% in the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock valued at $291,643,000 after purchasing an additional 6,371,647 shares during the last quarter. Yarbrough Capital LLC acquired a new position in shares of Archer Aviation in the 4th quarter valued at $6,039,000. Finally, Apollon Wealth Management LLC acquired a new position in shares of Archer Aviation in the 4th quarter valued at $296,000. Institutional investors and hedge funds own 59.34% of the company’s stock.

Archer Aviation Company Profile

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.