Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price shot up 3% on Monday . The stock traded as high as $7.46 and last traded at $7.24. 5,053,564 shares were traded during trading, a decline of 75% from the average session volume of 20,289,666 shares. The stock had previously closed at $7.03.
Wall Street Analyst Weigh In
ACHR has been the subject of a number of research reports. Canaccord Genuity Group increased their target price on Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a research note on Friday, February 28th. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an "overweight" rating to a "neutral" rating and raised their target price for the company from $6.00 to $9.00 in a research report on Friday, January 10th. Raymond James increased their price objective on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research note on Friday, February 21st. HC Wainwright reaffirmed a "buy" rating and issued a $12.50 target price on shares of Archer Aviation in a research report on Friday, February 28th. Finally, Needham & Company LLC increased their price target on Archer Aviation from $11.00 to $13.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $11.61.
Check Out Our Latest Stock Report on Archer Aviation
Archer Aviation Stock Up 2.5 %
The stock has a market cap of $3.92 billion, a P/E ratio of -5.47 and a beta of 3.16. The firm has a 50 day simple moving average of $7.98 and a 200-day simple moving average of $7.24. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.
Archer Aviation (NYSE:ACHR - Get Free Report) last announced its 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. On average, equities research analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, insider Tosha Perkins sold 49,273 shares of the firm's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $379,402.10. Following the transaction, the insider now owns 232,396 shares in the company, valued at approximately $1,789,449.20. This trade represents a 17.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark Mesler sold 62,258 shares of the business's stock in a transaction dated 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 transaction, the chief financial officer now directly owns 630,243 shares of the company's stock, valued at approximately $4,852,871.10. This trade represents a 8.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 424,780 shares of company stock worth $3,158,081 in the last 90 days. Company insiders own 9.75% of the company's stock.
Institutional Investors Weigh In On Archer Aviation
Several institutional investors and hedge funds have recently added to or reduced their stakes in ACHR. Sunbelt Securities Inc. acquired a new position in shares of Archer Aviation during the 4th quarter worth $27,000. Conquis Financial LLC acquired a new stake in shares of Archer Aviation in the 4th quarter valued at approximately $29,000. Harbour Investments Inc. boosted its holdings in shares of 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 acquiring an additional 1,095 shares in the last quarter. Oarsman Capital Inc. grew its holdings in Archer Aviation by 471.7% during the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company's stock worth $30,000 after acquiring an additional 2,547 shares during the last quarter. Finally, Anchor Investment Management LLC increased its position in Archer Aviation by 58.3% in 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 during the period. 59.34% of the stock is currently owned by institutional investors.
Archer Aviation Company Profile
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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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