Canaccord Genuity Group Has Lowered Expectations for Archer Aviation (NYSE:ACHR) Stock Price

Archer Aviation (NYSE:ACHR) had its price objective lowered by Canaccord Genuity Group from $14.00 to $13.00 in a report released on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research firms have also recently commented on ACHR. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price objective on shares of Archer Aviation in a research report on Thursday, January 16th. JPMorgan Chase & Co. downgraded Archer Aviation from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. HC Wainwright reaffirmed a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a research note on Monday, December 16th. Deutsche Bank Aktiengesellschaft lifted their target price on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Finally, 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 note on Wednesday, December 18th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Archer Aviation presently has an average rating of “Moderate Buy” and an average target price of $11.25.

Archer Aviation Price Performance

ACHR opened at $9.36 on Wednesday. Archer Aviation has a 12-month low of $2.82 and a 12-month high of $12.48. The company has a market cap of $3.98 billion, a price-to-earnings ratio of -7.09 and a beta of 3.13. The stock has a fifty day simple moving average of $9.35 and a two-hundred day simple moving average of $5.81. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

Insider Activity at Archer Aviation

In other Archer Aviation news, CEO Adam D. Goldstein bought 19,762 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were bought at an average price of $5.12 per share, for a total transaction of $101,181.44. Following the transaction, the chief executive officer now owns 2,014,890 shares of the company’s stock, valued at approximately $10,316,236.80. This trade represents a 0.99 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Tosha Perkins sold 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $6.40, for a total value of $960,000.00. Following the completion of the sale, the insider now owns 197,355 shares in the company, valued at approximately $1,263,072. This represents a 43.18 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders purchased 776,791 shares of company stock valued at $5,139,699 and sold 1,862,899 shares valued at $12,201,707. Insiders own 9.75% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ACHR. Barclays PLC raised its position in Archer Aviation by 272.7% in the third quarter. Barclays PLC now owns 427,023 shares of the company’s stock valued at $1,294,000 after purchasing an additional 312,440 shares during the period. HBK Investments L P bought a new stake in shares of Archer Aviation during the third quarter valued at approximately $6,818,000. Yarbrough Capital LLC bought a new stake in Archer Aviation during the fourth quarter worth approximately $6,039,000. Benjamin Edwards Inc. grew its position in Archer Aviation by 12,656.1% in the third quarter. Benjamin Edwards Inc. now owns 106,258 shares of the company’s stock worth $322,000 after buying an additional 105,425 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Archer Aviation by 5.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock worth $5,547,000 after buying an additional 94,430 shares during the last quarter. Hedge funds and other institutional investors own 59.34% of the company’s stock.

About Archer Aviation

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.