Archer Aviation (NYSE:ACHR) Stock Gets Price Target Trim from Cantor Fitzgerald

Archer Aviation (NYSE:ACHR) had its price target cut by stock analysts at Cantor Fitzgerald from $11.00 to $10.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Cantor Fitzgerald‘s target price indicates a potential upside of 106.83% from the company’s current price.

A number of other research firms have also recently commented on ACHR. Wells Fargo & Company set a $18.00 price objective on Archer Aviation in a research report on Tuesday, August 11th. HC Wainwright restated a “buy” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. UBS Group reaffirmed an “overweight” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Needham & Company LLC restated a “buy” rating and issued a $9.00 target price on shares of Archer Aviation in a research report on Tuesday, August 11th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research note on Thursday, October 15th. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.33.

Archer Aviation Price Performance

Shares of NYSE ACHR opened at $4.83 on Tuesday. The stock has a market capitalization of $3.72 billion, a price-to-earnings ratio of -4.48 and a beta of 3.59. Archer Aviation has a 12 month low of $3.62 and a 12 month high of $9.29. The firm’s 50 day simple moving average is $4.85 and its 200-day simple moving average is $5.71. The company has a debt-to-equity ratio of 0.06, a current ratio of 10.21 and a quick ratio of 10.21.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Monday, November 9th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.34) by ($0.01). The company had revenue of $5.10 million for the quarter, compared to analysts’ expectations of $3.57 million. During the same period in the prior year, the company posted ($0.20) EPS. Analysts expect that Archer Aviation will post -1.37 EPS for the current year.

Insider Buying and Selling

In other Archer Aviation news, insider Eric Lentell sold 100,000 shares of the stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $6.31, for a total transaction of $631,000.00. Following the sale, the insider directly owned 85,011 shares in the company, valued at $536,419.41. This represents a 54.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Harsh Rungta sold 13,880 shares of the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $6.41, for a total value of $88,970.80. Following the completion of the sale, the chief accounting officer owned 110,847 shares in the company, valued at approximately $710,529.27. The trade was a 11.13% decrease in their ownership of the stock. 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. Insiders have sold a total of 176,657 shares of company stock valued at $1,122,371 in the last ninety days. Company insiders own 5.55% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC raised its holdings in Archer Aviation by 703.3% during the first quarter. Renaissance Technologies LLC now owns 2,514,300 shares of the company’s stock worth $12,999,000 after purchasing an additional 2,201,300 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Archer Aviation in the second quarter valued at $10,190,000. Sumitomo Mitsui Trust Group Inc. boosted its stake in Archer Aviation by 7.3% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 8,072,347 shares of the company’s stock valued at $40,120,000 after acquiring an additional 549,998 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Archer Aviation by 33.2% during the first 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 last quarter. Finally, Hsbc Holdings PLC grew its holdings in shares of Archer Aviation by 476.7% during the first quarter. Hsbc Holdings PLC now owns 568,861 shares of the company’s stock worth $2,928,000 after purchasing an additional 470,216 shares during the last quarter. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Key Stories Impacting Archer Aviation

Here are the key news stories impacting Archer Aviation this week:

• Positive Sentiment: Archer said it received an FAA Market Survey Certificate that it says unlocks Los Angeles operations. This is a regulatory and operational milestone as the company works toward commercial air-taxi service. Archer Q3 results and FAA certificate announcement
• Positive Sentiment: The company said its Boeing transaction is close to completion; Boeing is expected to become Archer’s largest shareholder following the close. CEO Adam Goldstein also set a year-end target for a piloted transition flight, providing near-term milestones investors can track. Boeing transaction Piloted transition flight target
• Neutral Sentiment: Q3 revenue was $5.1 million, above the $3.6 million FactSet estimate, but the reported loss of $0.35 per share was slightly wider than the $0.34 consensus estimate. The revenue beat is encouraging, though it has not yet translated into profitability. Q3 revenue results Q3 per-share loss
• Negative Sentiment: The quarterly loss widened from the year-earlier period, and Archer continues to face substantial spending and commercialization challenges. Those costs and the time needed to bring air-taxi service to market remain risks despite recent milestones. Article on financial challenges

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.

Founded in 2018, Archer was co-founded by Adam Goldstein, who serves as its chief executive officer, and Brett Adcock.