Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $10.20, but opened at $9.51. Archer Aviation shares last traded at $9.44, with a volume of 18,084,096 shares.
Analyst Ratings Changes
ACHR has been the topic of a number of recent research reports. Needham & Company LLC restated a "buy" rating and issued a $11.00 target price on shares of Archer Aviation in a report on Thursday, January 16th. HC Wainwright reiterated a "buy" rating and issued a $12.50 price target on shares of Archer Aviation in a research report on Monday, December 16th. JPMorgan Chase & Co. cut Archer Aviation from an "overweight" rating to a "neutral" rating and lifted their price target for the company from $6.00 to $9.00 in a research report on Friday, January 10th. Cantor Fitzgerald lifted their price objective on Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a research note on Wednesday, December 18th. Finally, Canaccord Genuity Group dropped their price target on Archer Aviation from $14.00 to $13.00 and set a "buy" rating for the company in a research note on Wednesday. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Archer Aviation has a consensus rating of "Moderate Buy" and a consensus price target of $11.25.
Check Out Our Latest Research Report on Archer Aviation
Archer Aviation Price Performance
The firm has a market capitalization of $4.39 billion, a P/E ratio of -7.82 and a beta of 3.13. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The firm has a 50-day moving average of $9.43 and a 200-day moving average of $5.90.
Insider Activity at Archer Aviation
In other news, major shareholder N.V. Stellantis purchased 751,879 shares of the stock in a transaction dated Wednesday, December 11th. The shares were purchased at an average cost of $6.65 per share, with a total value of $4,999,995.35. Following the acquisition, the insider now directly owns 60,486,841 shares of the company's stock, valued at $402,237,492.65. This represents a 1.26 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Adam D. Goldstein sold 805,170 shares of the stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total value of $3,727,937.10. Following the transaction, the chief executive officer now directly owns 4,197,136 shares in the company, valued at $19,432,739.68. The trade was a 16.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have acquired 776,791 shares of company stock valued at $5,139,699 and have sold 1,862,899 shares valued at $12,201,707. 9.75% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Archer Aviation
Several hedge funds and other institutional investors have recently modified their holdings of the company. Comerica Bank increased its stake in shares of Archer Aviation by 113.2% in the 4th quarter. Comerica Bank now owns 4,076 shares of the company's stock worth $40,000 after purchasing an additional 2,164 shares in the last quarter. Lido Advisors LLC purchased a new stake in shares of Archer Aviation in the 4th quarter worth $110,000. Northern Trust Corp increased its stake in shares of Archer Aviation by 19.3% in the 4th quarter. Northern Trust Corp now owns 2,346,059 shares of the company's stock worth $22,874,000 after purchasing an additional 379,322 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Archer Aviation by 18.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 138,563 shares of the company's stock worth $1,351,000 after purchasing an additional 21,502 shares in the last quarter. Finally, Tudor Investment Corp ET AL purchased a new stake in shares of Archer Aviation in the 4th quarter worth $9,089,000. 59.34% of the stock is owned by 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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