Archer Aviation (NYSE:ACHR) Stock Gets Price Target Cut from Needham & Company LLC

Archer Aviation (NYSE:ACHR) had its target price trimmed by Needham & Company LLC from $9.00 to $7.00 in a research note published on Tuesday, MarketBeat reports. The brokerage currently has a buy rating on the stock.

A number of other research firms have also recently commented on ACHR. HC Wainwright reaffirmed a “buy” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a research 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 for the company in a research report on Tuesday. UBS Group reissued an “overweight” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Finally, Wells Fargo & Company set a $18.00 price target on Archer Aviation in a research report on Tuesday, August 11th. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Archer Aviation currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.58.

Archer Aviation Price Performance

Archer Aviation stock opened at $4.33 on Tuesday. Archer Aviation has a 12-month low of $3.62 and a 12-month high of $9.29. The stock has a market cap of $3.33 billion, a P/E ratio of -3.52 and a beta of 3.59. The company has a 50-day moving average price of $4.79 and a 200 day moving average price of $5.65. The company has a current ratio of 8.02, a quick ratio of 10.21 and a debt-to-equity ratio of 0.10.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Monday, November 9th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). Archer Aviation had a negative net margin of 7,869.17% and a negative return on equity of 46.62%. The business had revenue of $5.10 million during the quarter, compared to analyst estimates of $3.57 million. During the same quarter in the prior year, the company posted ($0.20) earnings per share. Sell-side analysts anticipate that Archer Aviation will post -1.37 earnings per share for the current year.

Insider Activity

In related news, CAO Harsh Rungta sold 13,880 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $6.41, for a total transaction of $88,970.80. Following the completion of the sale, the chief accounting officer owned 110,847 shares in the company, valued at $710,529.27. The trade was a 11.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 business’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $6.41, for a total transaction of $64,196.15. Following the sale, the chief financial officer owned 202,784 shares of the company’s stock, valued at $1,299,845.44. This represents a 4.71% 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. In the last quarter, insiders sold 176,657 shares of company stock worth $1,122,371. 5.55% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in ACHR. Voya Investment Management LLC grew its holdings in Archer Aviation by 48.2% in the third quarter. Voya Investment Management LLC now owns 10,118,847 shares of the company’s stock valued at $50,291,000 after purchasing an additional 3,289,910 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in Archer Aviation by 7.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 8,072,347 shares of the company’s stock valued at $40,120,000 after buying an additional 549,998 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Archer Aviation by 703.3% during 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 New York Mellon Corp acquired a new stake in shares of Archer Aviation during the 2nd quarter worth about $10,190,000. Finally, Bank of America Corp DE lifted its stake in shares of Archer Aviation by 33.2% during the 1st quarter. Bank of America Corp DE now owns 2,136,942 shares of the company’s stock worth $11,048,000 after purchasing an additional 532,762 shares during the period. 59.34% of the stock is owned by hedge funds and other institutional investors.

Latest Archer Aviation News

These are some of the ACHR news items that stood out recently:

• Positive Sentiment: ARK Invest continued buying ACHR shares, including a reported purchase of 348,176 shares worth about $1.7 million; a separate report said its post-earnings purchases totaled about $6.3 million. The buying may bolster confidence in Archer’s longer-term air-taxi prospects. ARK Invest buys after Q3 revenue beat ARK Invest adds ACHR shares
• Negative Sentiment: Archer reported a third-quarter loss of $0.35 per share, slightly wider than the $0.34 loss analysts expected. Revenue of $5.1 million exceeded estimates, but the substantial loss and ongoing cash-burn concerns appear to be overshadowing that beat. Stock falls on disappointing earnings
• Negative Sentiment: Other analysts also reduced their targets: Cantor Fitzgerald cut its target to $10, while Needham lowered its forecast to $7. These revisions may add pressure despite the targets remaining above the recent share price. Analysts cut Archer price targets

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.