Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) were down 1.8% on Wednesday . The company traded as low as $8.50 and last traded at $8.64. Approximately 4,029,375 shares were traded during trading, a decline of 79% from the average daily volume of 19,055,085 shares. The stock had previously closed at $8.79.
Analyst Upgrades and Downgrades
Several equities research analysts recently issued reports on ACHR shares. HC Wainwright reissued a "buy" rating and issued a $12.50 target price on shares of Archer Aviation in a report on Friday, February 28th. Cantor Fitzgerald increased their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an "overweight" rating in a research note on Wednesday, December 18th. JPMorgan Chase & Co. cut shares of Archer Aviation from an "overweight" rating to a "neutral" rating and lifted their target price for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Needham & Company LLC increased their price target on Archer Aviation from $11.00 to $13.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Archer Aviation from $11.00 to $15.00 and gave the company a "buy" rating in a research report on Friday, December 13th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $11.61.
Get Our Latest Research Report on ACHR
Archer Aviation Price Performance
The firm has a market cap of $3.94 billion, a P/E ratio of -5.50 and a beta of 3.14. The firm's fifty day simple moving average is $8.75 and its 200 day simple moving average is $6.84. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03.
Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, beating analysts' consensus estimates of ($0.40) by $0.10. As a group, analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current year.
Insider Buying and Selling
In related news, General Counsel Eric Lentell sold 43,230 shares of Archer Aviation stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $332,871.00. Following the completion of the transaction, the general counsel now owns 53,225 shares in the company, valued at approximately $409,832.50. This trade represents a 44.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Mark Mesler sold 62,258 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $479,386.60. Following the sale, the chief financial officer now owns 630,243 shares in the company, valued at approximately $4,852,871.10. This trade represents a 8.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 303,985 shares of company stock worth $2,555,685. Insiders own 9.75% of the company's stock.
Institutional Trading of Archer Aviation
A number of institutional investors have recently bought and sold shares of the stock. Sunbelt Securities Inc. bought a new position in Archer Aviation during the fourth quarter valued at $27,000. Conquis Financial LLC bought a new position in Archer Aviation during the 4th quarter valued at about $29,000. Harbour Investments Inc. grew its holdings in Archer Aviation by 54.7% during the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock valued at $30,000 after purchasing an additional 1,095 shares during the last quarter. Oarsman Capital Inc. lifted its stake in Archer Aviation by 471.7% in the fourth quarter. Oarsman Capital Inc. now owns 3,087 shares of the company's stock worth $30,000 after purchasing an additional 2,547 shares during the last quarter. Finally, Anchor Investment Management LLC boosted its position in shares of Archer Aviation by 58.3% during the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock valued at $32,000 after buying an additional 1,224 shares during the period. 59.34% of the stock is currently owned by institutional investors.
Archer Aviation Company Profile
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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.
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