Archer Aviation (NYSE:ACHR) Coverage Initiated by Analysts at Barclays

Analysts at Barclays began coverage on shares of Archer Aviation (NYSE:ACHR) in a report released on Friday, Marketbeat.com reports. The firm set an “overweight” rating and a $8.00 price target on the stock. Barclays‘s price target suggests a potential upside of 63.43% from the stock’s current price.

ACHR has been the subject of several other reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $11.00 price target on shares of Archer Aviation in a research report on Tuesday, August 11th. UBS Group reiterated an “overweight” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. HC Wainwright reiterated a “buy” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. Needham & Company LLC reiterated a “buy” rating and issued a $9.00 price target on shares of Archer Aviation in a research report 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 investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $11.00.

Archer Aviation Stock Performance

Shares of NYSE ACHR traded up $0.18 during mid-day trading on Friday, hitting $4.90. The company had a trading volume of 9,030,398 shares, compared to its average volume of 35,781,129. The company has a market capitalization of $3.77 billion, a price-to-earnings ratio of -4.59 and a beta of 3.27. Archer Aviation has a 1 year low of $4.30 and a 1 year high of $14.62. The company has a current ratio of 10.21, a quick ratio of 10.21 and a debt-to-equity ratio of 0.06. The stock’s 50-day moving average price is $5.61 and its 200-day moving average price is $5.58.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.34) earnings per share for the quarter, meeting the consensus estimate of ($0.34). The company had revenue of $5.00 million during the quarter, compared to analysts’ expectations of $1.94 million. On average, sell-side analysts forecast that Archer Aviation will post -1.37 earnings per share for the current year.

Insiders Place Their Bets

In other Archer Aviation news, CAO Harsh Rungta sold 13,880 shares of Archer Aviation stock in a transaction dated 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 of the company’s stock, valued at $710,529.27. The trade was a 11.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 Archer Aviation stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $6.41, for a total value of $64,196.15. Following the sale, the chief financial officer directly owned 202,784 shares of the company’s stock, valued at approximately $1,299,845.44. This trade represents a 4.71% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 176,657 shares of company stock valued at $1,122,371 over the last 90 days. Insiders own 5.55% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Several hedge funds have recently added to or reduced their stakes in ACHR. Gould Capital LLC lifted its stake in Archer Aviation by 238.1% during the fourth quarter. Gould Capital LLC now owns 3,560 shares of the company’s stock worth $27,000 after purchasing an additional 2,507 shares during the last quarter. GAMMA Investing LLC lifted its stake in Archer Aviation by 189.3% during the third quarter. GAMMA Investing LLC now owns 6,272 shares of the company’s stock worth $31,000 after purchasing an additional 4,104 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its stake in Archer Aviation by 979.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,285 shares of the company’s stock worth $32,000 after purchasing an additional 3,888 shares during the last quarter. Parallel Advisors LLC lifted its stake in Archer Aviation by 59.4% during the first quarter. Parallel Advisors LLC now owns 8,786 shares of the company’s stock worth $45,000 after purchasing an additional 3,275 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB lifted its stake in Archer Aviation by 157.7% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 9,529 shares of the company’s stock worth $47,000 after purchasing an additional 5,832 shares during the last quarter. Institutional investors own 59.34% of the company’s stock.

Archer Aviation Company Profile

Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its goal is to provide quieter, lower-emission transportation for short passenger trips, including airport transfers and travel between urban and suburban locations.

The company’s primary aircraft is Midnight, a piloted, four-passenger eVTOL aircraft designed for frequent short-distance flights. Archer has also developed Maker, a smaller technology demonstrator used to test its electric propulsion, flight-control and other aircraft systems.