Archer Aviation Inc. (NYSE: ACHR) saw its stock price increase by 4.5% on Friday, reaching a high of $7.93 before settling at $7.8280. During the trading session, approximately 23,522,107 shares exchanged hands, a significant decline of 40% from its average volume of 39,531,906 shares. The stock had previously closed at $7.49.
Analyst Insights on Archer Aviation
Various research firms have recently shared their views on Archer Aviation. Needham & Company LLC lowered its target price for the company from $13.00 to $10.00 while maintaining a “buy” rating, as noted in a report dated November 7, 2023. In contrast, Cantor Fitzgerald reaffirmed an “overweight” rating in a report released on November 24, 2023.
Additionally, HC Wainwright reiterated a “buy” rating, setting a more optimistic target of $18.00 on August 12, 2023. Meanwhile, JPMorgan Chase & Co. revised its target price down from $10.00 to $8.00, adopting a “neutral” stance as of November 7, 2023. Lastly, Canaccord Genuity Group raised its target from $12.00 to $13.00, also rating the stock as a “buy” on November 21, 2023.
Currently, seven analysts have assigned a “buy” rating to Archer Aviation, one has given it a “hold” rating, and one has rated it as a “sell.” According to data from MarketBeat, the consensus rating for Archer Aviation is classified as a “Moderate Buy,” with a target price averaging $12.71.
Recent Financial Performance
On November 6, 2023, Archer Aviation announced its quarterly earnings, reporting an earnings per share (EPS) of ($0.20), which matched analysts’ expectations. Overall, research analysts forecast that the company will record an EPS of ($1.32) for the current fiscal year.
In corporate insider news, Chief Financial Officer Priya Gupta sold 5,479 shares of Archer Aviation on November 17, 2023, at an average price of $7.49, totaling $41,037.71. After this transaction, Gupta holds 161,523 shares valued at approximately $1,209,807.27. This sale represents a 3.28% decrease in her ownership.
In a similar transaction, Chief Technology Officer Thomas Paul Muniz sold 90,648 shares on the same date for a total of $678,953.52, also at an average price of $7.49. Following this sale, Muniz retains 1,397,129 shares worth about $10,464,496.21, marking a 6.09% decrease in his ownership. Over the past ninety days, insiders have sold a total of 182,635 shares valued at approximately $1,367,936. Currently, insiders hold 7.65% of the company’s stock.
Institutional Investor Activity
A range of institutional investors and hedge funds have recently adjusted their stakes in Archer Aviation. CIBC Bancorp USA Inc. acquired a new position valued at $563,000 in the third quarter. Sunbelt Securities Inc. increased its holdings by 83.2%, now owning 5,000 shares worth $48,000 after purchasing an additional 2,271 shares during the same period.
Moreover, Advisory Services Network LLC also entered a new position during the third quarter, valued at approximately $81,000. Camelot Portfolios LLC made a new investment worth $144,000, while Kestra Private Wealth Services LLC raised its position by 14.6%, owning 30,483 shares valued at $292,000 following a purchase of 3,875 shares. Currently, institutional investors collectively own 59.34% of Archer Aviation’s stock.
Archer Aviation, headquartered in San Jose, California, focuses on designing, developing, and operating electric vertical takeoff and landing aircraft aimed at urban air mobility, having undergone a name change from Atlas Crest Investment Corp. in recent years.
