Archer Aviation (NYSE:ACHR) Given New $7.00 Price Target at Needham & Company LLC

Archer Aviation (NYSE:ACHR) had its target price cut by stock analysts at Needham & Company LLC from $9.00 to $7.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC‘s target price points to a potential upside of 44.78% from the company’s previous close.

Several other research firms have also recently issued reports on ACHR. HC Wainwright reissued a “buy” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. Wells Fargo & Company set a $18.00 target price on shares of Archer Aviation in a research note on Tuesday, August 11th. UBS Group reaffirmed an “overweight” rating on shares of Archer Aviation in a research report on Tuesday, August 11th. Barclays raised shares of Archer Aviation from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $4.50 to $8.00 in a research note on Friday, October 9th. Finally, Cantor Fitzgerald decreased 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 note on Tuesday. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $11.00.

Archer Aviation Stock Up 8.9%

Shares of ACHR opened at $4.83 on Tuesday. The firm has a fifty day moving average price of $4.85 and a 200-day moving average price of $5.71. 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 firm has a market capitalization of $3.72 billion, a P/E 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.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Monday, November 9th. The company reported ($0.35) 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 the consensus estimate of $3.57 million. During the same quarter in the previous year, the company earned ($0.20) earnings per share. Equities research analysts expect that Archer Aviation will post -1.37 earnings per share for the current year.

Insider Transactions at Archer Aviation

In other news, CAO Harsh Rungta sold 13,880 shares of the firm’s stock in a transaction 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 transaction, the chief accounting officer owned 110,847 shares in the company, valued at approximately $710,529.27. This trade represents a 11.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Eric Lentell sold 100,000 shares of Archer Aviation stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $6.31, for a total value of $631,000.00. Following the completion of the sale, the insider owned 85,011 shares of the company’s stock, valued at $536,419.41. The trade was a 54.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 176,657 shares of company stock valued at $1,122,371. 5.55% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. HighTower Advisors LLC raised its holdings in shares of Archer Aviation by 37.4% in the 3rd quarter. HighTower Advisors LLC now owns 228,693 shares of the company’s stock valued at $1,137,000 after purchasing an additional 62,238 shares in the last quarter. MSH Capital Advisors LLC purchased a new stake in shares of Archer Aviation in the 3rd quarter worth approximately $75,000. Carson Advisory Inc. bought a new position in shares of Archer Aviation during the third quarter valued at approximately $51,000. Pier 88 Investment Partners LLC boosted its stake in shares of Archer Aviation by 174.9% during the third quarter. Pier 88 Investment Partners LLC now owns 65,700 shares of the company’s stock valued at $327,000 after purchasing an additional 41,800 shares in the last quarter. Finally, Fifth Third Bancorp boosted its stake in shares of Archer Aviation by 7.7% during the third quarter. Fifth Third Bancorp now owns 154,317 shares of the company’s stock valued at $767,000 after purchasing an additional 11,057 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors.

Archer Aviation News Roundup

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

Archer Aviation Company Profile

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.