Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price rose 5.8% during mid-day trading on Monday . The company traded as high as $8.42 and last traded at $8.36. Approximately 12,567,234 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 31,727,953 shares. The stock had previously closed at $7.90.
Analyst Ratings Changes
ACHR has been the subject of a number of research analyst reports. 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 report on Friday, January 10th. HC Wainwright reaffirmed a "buy" rating and issued a $12.50 price target on shares of Archer Aviation in a report on Friday, February 28th. Deutsche Bank Aktiengesellschaft lifted their price target on Archer Aviation from $11.00 to $15.00 and gave the company a "buy" rating in a report on Friday, December 13th. Canaccord Genuity Group lifted their price target on Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a report on Friday, February 28th. Finally, Raymond James boosted their price objective on Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a report on Friday, February 21st. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $11.61.
Read Our Latest Report on ACHR
Archer Aviation Trading Up 5.3 %
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 company has a market capitalization of $4.73 billion, a P/E ratio of -6.60 and a beta of 3.14. The business has a 50 day moving average price of $8.80 and a 200 day moving average price of $6.67.
Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, beating analysts' consensus estimates of ($0.40) by $0.10. Analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.
Insider Activity
In related news, CFO Mark Mesler sold 62,258 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 $479,386.60. Following the completion of the transaction, the chief financial officer now directly owns 630,243 shares in the company, valued at approximately $4,852,871.10. The trade was a 8.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 shares were sold at an average price of $7.70, for a total value of $332,871.00. Following the completion of the transaction, 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 disclosure for this sale can be found here. Insiders sold a total of 303,985 shares of company stock valued at $2,555,685 in the last ninety days. 9.75% of the stock is owned by insiders.
Hedge Funds Weigh In On Archer Aviation
Several institutional investors and hedge funds have recently modified their holdings of ACHR. Intech Investment Management LLC acquired a new position in shares of Archer Aviation in the 3rd quarter valued at approximately $206,000. Charles Schwab Investment Management Inc. grew its position in shares of Archer Aviation by 5.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company's stock valued at $5,547,000 after purchasing an additional 94,430 shares during the period. Townsquare Capital LLC grew its position in shares of Archer Aviation by 25.6% in the 3rd quarter. Townsquare Capital LLC now owns 14,877 shares of the company's stock valued at $45,000 after purchasing an additional 3,033 shares during the period. CreativeOne Wealth LLC boosted its position in Archer Aviation by 99.0% during the 3rd quarter. CreativeOne Wealth LLC now owns 96,432 shares of the company's stock worth $292,000 after acquiring an additional 47,975 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Archer Aviation by 15.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,341 shares of the company's stock worth $186,000 after acquiring an additional 8,431 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.
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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