Analysts Set Archer Aviation Inc. (NYSE:ACHR) Target Price at $11.83

Shares of Archer Aviation Inc. (NYSE:ACHR) have earned an average recommendation of “Hold” from the seven brokerages that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $11.8333.

A number of brokerages have issued reports on ACHR. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research report on Monday, April 20th. Canaccord Genuity Group reduced their price objective on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, May 12th.

Insider Activity

In related news, CTO Thomas Paul Muniz sold 91,839 shares of Archer Aviation stock in a transaction on Monday, May 18th. The shares were sold at an average price of $5.95, for a total value of $546,442.05. Following the transaction, the chief technology officer owned 1,462,314 shares in the company, valued at $8,700,768.30. This trade represents a 5.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Eric Lentell sold 48,169 shares of the business’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $5.95, for a total transaction of $286,605.55. Following the transaction, the insider directly owned 141,084 shares of the company’s stock, valued at approximately $839,449.80. This represents a 25.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 250,743 shares of company stock worth $1,497,672. Insiders own 5.55% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Archer Aviation by 4.4% in the 4th quarter. Vanguard Group Inc. now owns 54,676,158 shares of the company’s stock valued at $411,165,000 after purchasing an additional 2,312,899 shares during the period. ARK Investment Management LLC grew its position in Archer Aviation by 12.4% in the 4th quarter. ARK Investment Management LLC now owns 35,170,701 shares of the company’s stock worth $264,484,000 after purchasing an additional 3,869,252 shares during the last quarter. State Street Corp increased its holdings in shares of Archer Aviation by 11.2% during the 4th quarter. State Street Corp now owns 32,773,136 shares of the company’s stock worth $246,454,000 after purchasing an additional 3,293,130 shares during the period. Morgan Stanley increased its holdings in shares of Archer Aviation by 21.6% during the 4th quarter. Morgan Stanley now owns 15,717,522 shares of the company’s stock worth $118,196,000 after purchasing an additional 2,796,488 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Archer Aviation by 14.9% during the fourth quarter. Geode Capital Management LLC now owns 14,385,647 shares of the company’s stock valued at $108,197,000 after buying an additional 1,867,648 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors.

Archer Aviation Stock Down 6.3%

ACHR stock opened at $4.48 on Friday. The firm has a market cap of $3.40 billion, a PE ratio of -4.07 and a beta of 3.19. Archer Aviation has a 1 year low of $4.45 and a 1 year high of $14.62. The company has a fifty day simple moving average of $5.61 and a 200 day simple moving average of $6.38. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.06.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.03). The business had revenue of $1.60 million for the quarter, compared to analysts’ expectations of $1.66 million. During the same quarter last year, the firm earned ($0.17) earnings per share. Sell-side analysts anticipate that Archer Aviation will post -1.47 EPS for the current fiscal year.

About Archer Aviation

Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.

Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.