Archer Aviation (NYSE:ACHR) Price Target Cut to $10.00 by Analysts at Cantor Fitzgerald

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

A number of other equities analysts have also recently commented on ACHR. Barclays upgraded Archer Aviation from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $4.50 to $8.00 in a report on Friday, October 9th. UBS Group reissued 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 report on Tuesday, August 11th. Wells Fargo & Company set a $18.00 price target on shares of Archer Aviation in a research note on Tuesday, August 11th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a report on Thursday, October 15th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $11.33.

Archer Aviation Trading Up 8.9%

Shares of ACHR stock opened at $4.83 on Tuesday. Archer Aviation has a 12-month low of $3.62 and a 12-month high of $9.29. 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 $4.85 and its 200-day moving average price is $5.71. 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 (NYSE:ACHR) last announced its quarterly earnings results on Monday, November 9th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.01). The company had revenue of $5.10 million during the quarter, compared to the consensus estimate of $3.57 million. During the same period in the previous year, the firm posted ($0.20) earnings per share. Equities research analysts predict that Archer Aviation will post -1.37 EPS for the current fiscal year.

Insider Transactions at Archer Aviation

In related news, insider Eric Lentell sold 100,000 shares of the company’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $6.31, for a total transaction of $631,000.00. Following the completion of 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 sale was disclosed in a document filed with the SEC, 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 firm’s stock in a transaction dated Monday, August 17th. The shares were 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. This represents a 11.13% decrease in their ownership of the stock. 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. In the last quarter, insiders sold 176,657 shares of company stock valued at $1,122,371. Company insiders own 5.55% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE lifted its stake in 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 valued at $11,048,000 after acquiring an additional 532,762 shares during the period. California State Teachers Retirement System grew its position in Archer Aviation by 21.0% during the 1st quarter. California State Teachers Retirement System now owns 716,066 shares of the company’s stock worth $3,702,000 after purchasing an additional 124,052 shares during the period. SummitTX Capital L.P. acquired a new stake in Archer Aviation during the 1st quarter worth about $709,000. Fifth Third Bancorp raised its stake in shares of Archer Aviation by 4,133.1% during the 1st quarter. Fifth Third Bancorp now owns 142,868 shares of the company’s stock valued at $739,000 after buying an additional 139,493 shares during the last quarter. Finally, Odyssean LLC raised its stake in shares of Archer Aviation by 707.0% during the 2nd quarter. Odyssean LLC now owns 260,940 shares of the company’s stock valued at $1,234,000 after buying an additional 228,606 shares during the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

More Archer Aviation News

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.