Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price shot up 2.9% during mid-day trading on Tuesday . The company traded as high as $6.99 and last traded at $7.00. 7,573,216 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 32,153,031 shares. The stock had previously closed at $6.80.
Analyst Upgrades and Downgrades
A number of equities research analysts have issued reports on the company. HC Wainwright reaffirmed a "buy" rating and issued a $12.50 price target on shares of Archer Aviation in a research report on Friday, February 28th. Needham & Company LLC lifted their price target on shares of Archer Aviation from $11.00 to $13.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Canaccord Genuity Group increased their price objective on shares of Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research report on Friday, February 28th. JPMorgan Chase & Co. lowered Archer Aviation from an "overweight" rating to a "neutral" rating and increased their target price for the company from $6.00 to $9.00 in a report on Friday, January 10th. Finally, Raymond James lifted their price target on Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a report on Friday, February 21st. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $11.61.
View Our Latest Stock Report on ACHR
Archer Aviation Stock Up 6.4 %
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 company has a market capitalization of $4.19 billion, a PE ratio of -5.87 and a beta of 3.14. The firm's 50-day simple moving average is $9.09 and its 200 day simple moving average is $6.48.
Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping analysts' consensus estimates of ($0.40) by $0.10. As a group, equities research analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current year.
Insider Activity at Archer Aviation
In other news, General Counsel Eric Lentell sold 43,230 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $332,871.00. Following the completion of the sale, the general counsel now owns 53,225 shares of the company's stock, valued at $409,832.50. This represents a 44.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Mesler sold 62,258 shares of the stock in a transaction 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 completion of the sale, the chief financial officer now owns 630,243 shares of the company's stock, valued at approximately $4,852,871.10. This 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 545,498 shares of company stock valued at $4,920,815. Company insiders own 9.75% of the company's stock.
Hedge Funds Weigh In On Archer Aviation
A number of institutional investors have recently added to or reduced their stakes in the company. Sunbelt Securities Inc. bought a new position in shares of Archer Aviation during the fourth quarter worth about $27,000. Conquis Financial LLC bought a new position in Archer Aviation during the 4th quarter worth approximately $29,000. Harbour Investments Inc. grew its position in shares of Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock worth $30,000 after acquiring an additional 1,095 shares in the last quarter. Oarsman Capital Inc. increased its holdings in shares of Archer Aviation by 471.7% in the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company's stock valued at $30,000 after acquiring an additional 2,547 shares during the last quarter. Finally, Anchor Investment Management LLC raised its position in shares of Archer Aviation by 58.3% during the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock valued at $32,000 after acquiring an additional 1,224 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company's stock.
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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