Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) fell 9.7% during trading on Friday . The stock traded as low as $9.08 and last traded at $9.46. 17,583,286 shares changed hands during trading, a decline of 53% from the average session volume of 37,527,855 shares. The stock had previously closed at $10.48.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently weighed in on the company. Needham & Company LLC started coverage on Archer Aviation in a research report on Tuesday, November 19th. They set a "buy" rating and a $11.00 target price on the stock. Canaccord Genuity Group raised their price objective on shares of Archer Aviation from $11.00 to $14.00 and gave the company a "buy" rating in a research note on Wednesday. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an "overweight" rating to a "neutral" rating and boosted their target price for the stock from $6.00 to $9.00 in a research report on Friday. Cantor Fitzgerald raised their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a research report on Wednesday, December 18th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Archer Aviation from $11.00 to $15.00 and gave the stock a "buy" rating in a report on Friday, December 13th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Archer Aviation currently has a consensus rating of "Moderate Buy" and an average target price of $11.38.
Get Our Latest Research Report on Archer Aviation
Archer Aviation Stock Performance
The company has a 50-day simple moving average of $7.54 and a two-hundred day simple moving average of $4.99. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The firm has a market cap of $3.81 billion, a PE ratio of -6.78 and a beta of 3.15.
Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings data on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period last year, the company earned ($0.19) EPS. As a group, equities research analysts forecast that Archer Aviation Inc. will post -1.28 earnings per share for the current year.
Insider Buying and Selling at Archer Aviation
In related news, insider Tosha Perkins sold 150,000 shares of the business's stock in a transaction 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 sale, the insider now directly owns 197,355 shares in the company, valued at approximately $1,263,072. The trade was a 43.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Adam D. Goldstein sold 805,170 shares of the firm's stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total value of $3,727,937.10. Following the completion of the transaction, the chief executive officer now owns 4,197,136 shares of the company's stock, valued at approximately $19,432,739.68. This represents a 16.10 % decrease in their position. The disclosure for this sale can be found here. Over 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. Insiders own 9.75% of the company's stock.
Institutional Investors Weigh In On Archer Aviation
Institutional investors and hedge funds have recently modified their holdings of the company. Miller Wealth Advisors LLC purchased a new position in Archer Aviation during the third quarter valued at approximately $26,000. Code Waechter LLC bought a new position in Archer Aviation in the 3rd quarter valued at $30,000. Azzad Asset Management Inc. ADV purchased a new position in shares of Archer Aviation during the 3rd quarter valued at $31,000. Hollencrest Capital Management increased its holdings in shares of Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company's stock worth $32,000 after purchasing an additional 3,000 shares during the period. Finally, Cyndeo Wealth Partners LLC purchased a new stake in shares of Archer Aviation in the third quarter worth $36,000. 59.34% of the stock is owned by hedge funds and other institutional investors.
Archer Aviation Company Profile
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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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