Canaccord Genuity Group Issues Pessimistic Forecast for Archer Aviation (NYSE:ACHR) Stock Price

Archer Aviation (NYSE:ACHR) had its price objective reduced by stock analysts at Canaccord Genuity Group from $14.00 to $13.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 40.00% from the company’s previous close.

A number of other analysts also recently weighed in on the stock. HC Wainwright reissued a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research report on Monday, December 16th. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price target on shares of Archer Aviation in a research report on Thursday, January 16th. Cantor Fitzgerald lifted their price objective on Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $11.25.

Archer Aviation Trading Down 9.0 %

Shares of ACHR stock opened at $9.29 on Wednesday. Archer Aviation has a 1-year low of $2.82 and a 1-year 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 $3.95 billion, a price-to-earnings ratio of -7.03 and a beta of 3.13. The stock has a 50-day moving average of $9.30 and a 200-day moving average of $5.79.

Insider Buying and Selling

In other news, CTO Thomas Paul Muniz sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $12.00, for a total transaction of $600,000.00. Following the completion of the sale, the chief technology officer now owns 1,070,360 shares in the company, valued at $12,844,320. The trade was a 4.46 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder N.V. Stellantis bought 751,879 shares of the stock in a transaction dated Wednesday, December 11th. The shares were purchased at an average cost of $6.65 per share, for a total transaction of $4,999,995.35. Following the completion of the transaction, the insider now directly owns 60,486,841 shares of the company’s stock, valued at $402,237,492.65. This trade represents a 1.26 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have bought 776,791 shares of company stock valued at $5,139,699 and have sold 1,862,899 shares valued at $12,201,707. 9.75% of the stock is owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently made changes to their positions in the business. Harbour Investments Inc. boosted its stake in Archer Aviation by 54.7% during the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after purchasing an additional 1,095 shares during the last quarter. Sanctuary Advisors LLC lifted its holdings in shares of Archer Aviation by 4.7% in the fourth quarter. Sanctuary Advisors LLC now owns 27,740 shares of the company’s stock valued at $257,000 after purchasing an additional 1,246 shares in the last quarter. Xponance Inc. lifted its holdings in shares of Archer Aviation by 8.5% in the fourth quarter. Xponance Inc. now owns 16,600 shares of the company’s stock valued at $162,000 after purchasing an additional 1,299 shares in the last quarter. Hollencrest Capital Management grew its holdings in Archer Aviation by 7.4% during the fourth quarter. Hollencrest Capital Management now owns 26,000 shares of the company’s stock worth $254,000 after buying an additional 1,800 shares in the last quarter. Finally, Interchange Capital Partners LLC grew its holdings in Archer Aviation by 8.0% during the fourth quarter. Interchange Capital Partners LLC now owns 26,494 shares of the company’s stock worth $258,000 after buying an additional 1,972 shares in the last quarter. 59.34% of the stock is owned by institutional investors.

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.