Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $8.23, but opened at $8.68. Archer Aviation shares last traded at $8.70, with a volume of 5,423,384 shares changing hands.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an "overweight" rating to a "neutral" rating and increased their price target for the stock from $6.00 to $9.00 in a report on Friday, January 10th. HC Wainwright reaffirmed a "buy" rating and issued a $12.50 target price on shares of Archer Aviation in a research note on Monday, December 16th. Deutsche Bank Aktiengesellschaft increased their target price on Archer Aviation from $11.00 to $15.00 and gave the company a "buy" rating in a report on Friday, December 13th. Needham & Company LLC restated a "buy" rating and issued a $11.00 price objective on shares of Archer Aviation in a research report on Thursday. Finally, Cantor Fitzgerald lifted their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a report on Wednesday, December 18th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Archer Aviation has a consensus rating of "Moderate Buy" and a consensus price target of $11.38.
Read Our Latest Stock Report on ACHR
Archer Aviation Stock Up 3.4 %
The business's fifty day moving average price is $7.96 and its two-hundred day moving average price is $5.14. 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 market capitalization of $3.86 billion, a P/E ratio of -6.88 and a beta of 3.15.
Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.05). During the same period in the prior year, the business earned ($0.19) earnings per share. Equities analysts expect that Archer Aviation Inc. will post -1.33 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Archer Aviation news, 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 transaction of $960,000.00. Following the completion of the sale, the insider now directly owns 197,355 shares of the company's stock, valued at $1,263,072. This represents a 43.18 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Adam D. Goldstein bought 19,762 shares of the stock in a transaction dated Thursday, November 21st. The stock was purchased at an average cost of $5.12 per share, for a total transaction of $101,181.44. Following the acquisition, the chief executive officer now owns 2,014,890 shares of the company's stock, valued at approximately $10,316,236.80. This represents a 0.99 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders purchased 776,791 shares of company stock valued at $5,139,699 and sold 1,862,899 shares valued at $12,201,707. Corporate insiders own 9.75% of the company's stock.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in the company. Purus Wealth Management LLC purchased a new stake in Archer Aviation in the 4th quarter worth approximately $129,000. Sara Bay Financial acquired a new stake in Archer Aviation in the 4th quarter valued at $104,000. Avanza Fonder AB purchased a new stake in shares of Archer Aviation during the 4th quarter valued at about $674,000. Yarbrough Capital LLC acquired a new position in shares of Archer Aviation during the fourth quarter worth $6,039,000. Finally, Hennion & Walsh Asset Management Inc. boosted its position in Archer Aviation by 25.5% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 55,750 shares of the company's stock valued at $544,000 after buying an additional 11,317 shares during the last quarter. Hedge funds and other institutional investors own 59.34% of the company's stock.
Archer Aviation Company Profile
(
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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