Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) dropped 2.1% on Thursday . The stock traded as low as $7.30 and last traded at $7.32. Approximately 15,186,425 shares traded hands during trading, a decline of 53% from the average daily volume of 32,040,793 shares. The stock had previously closed at $7.48.
Analyst Upgrades and Downgrades
ACHR has been the topic of several research analyst reports. Needham & Company LLC boosted their target price on Archer Aviation from $11.00 to $13.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Cantor Fitzgerald boosted their price target on Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a research note on Wednesday, December 18th. JPMorgan Chase & Co. downgraded Archer Aviation from an "overweight" rating to a "neutral" rating and boosted their price target for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Canaccord Genuity Group boosted their price target on Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research note on Friday, February 28th. Finally, Raymond James boosted their price target on Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research note on Friday, February 21st. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Archer Aviation presently has an average rating of "Moderate Buy" and a consensus price target of $11.61.
Check Out Our Latest Analysis on Archer Aviation
Archer Aviation Stock Up 8.6 %
The company has a market cap of $4.27 billion, a price-to-earnings ratio of -5.97 and a beta of 3.14. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The business has a fifty day moving average of $9.01 and a two-hundred day moving average of $6.52.
Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, topping analysts' consensus estimates of ($0.40) by $0.10. As a group, equities analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.
Insider Buying and Selling
In other Archer Aviation news, insider Tosha Perkins sold 49,273 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $379,402.10. Following the completion of the sale, the insider now directly owns 232,396 shares in the company, valued at approximately $1,789,449.20. The trade was a 17.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Eric Lentell sold 43,230 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $332,871.00. Following the sale, the general counsel now owns 53,225 shares of the company's stock, valued at approximately $409,832.50. This trade represents a 44.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 545,498 shares of company stock valued at $4,920,815. 9.75% of the stock is owned by company insiders.
Institutional Investors Weigh In On Archer Aviation
A number of large investors have recently made changes to their positions in the stock. Total Wealth Planning & Management Inc. purchased a new stake in shares of Archer Aviation in the fourth quarter valued at approximately $450,000. Infinitum Asset Management LLC purchased a new position in Archer Aviation in the fourth quarter worth approximately $10,844,000. Sunbelt Securities Inc. purchased a new position in Archer Aviation in the fourth quarter worth approximately $27,000. PharVision Advisers LLC purchased a new position in Archer Aviation in the fourth quarter worth approximately $187,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Archer Aviation by 62.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 558,603 shares of the company's stock worth $5,446,000 after acquiring an additional 215,593 shares during the period. 59.34% of the stock is currently owned by hedge funds and other institutional investors.
About Archer Aviation
(
Get Free Report)
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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