Archer Aviation (NYSE:ACHR) Given “Overweight” Rating at Cantor Fitzgerald

Archer Aviation (NYSE:ACHR)‘s stock had its “overweight” rating reiterated by analysts at Cantor Fitzgerald in a research note issued on Monday, Benzinga reports. They presently have a $10.00 price target on the stock. Cantor Fitzgerald’s price target would indicate a potential upside of 229.49% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on ACHR. HC Wainwright assumed coverage on Archer Aviation in a report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price target for the company. JPMorgan Chase & Co. lifted their target price on shares of Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Finally, Benchmark restated a “buy” rating and set a $12.00 price target on shares of Archer Aviation in a research note on Friday, August 9th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $9.00.

Archer Aviation Stock Performance

ACHR stock opened at $3.04 on Monday. The stock has a market cap of $982.00 million, a P/E ratio of -1.86 and a beta of 2.32. The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.49 and a current ratio of 4.49. The firm has a 50 day simple moving average of $3.74 and a 200 day simple moving average of $3.90. Archer Aviation has a 52 week low of $3.00 and a 52 week high of $7.01.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.31) EPS for the quarter, beating the consensus estimate of ($0.38) by $0.07. Research analysts anticipate that Archer Aviation will post -1.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Archer Aviation news, major shareholder N.V. Stellantis bought 2,982,089 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was purchased at an average price of $3.35 per share, for a total transaction of $9,989,998.15. Following the purchase, the insider now directly owns 59,734,962 shares in the company, valued at $200,112,122.70. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 27.17% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Large investors have recently bought and sold shares of the stock. Hollencrest Capital Management increased its holdings in shares of Archer Aviation by 50.0% during the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after purchasing an additional 3,000 shares during the period. CWM LLC lifted its stake in shares of Archer Aviation by 62.0% in the second quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after buying an additional 3,559 shares during the period. Csenge Advisory Group acquired a new stake in Archer Aviation during the second quarter worth about $39,000. Tidal Investments LLC bought a new position in Archer Aviation during the first quarter valued at about $49,000. Finally, Choreo LLC acquired a new position in Archer Aviation in the 2nd quarter valued at approximately $49,000. 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.