Archer Aviation Inc. (NYSE:ACHR - Get Free Report) traded up 1.5% on Wednesday . The company traded as high as $7.08 and last traded at $7.07. 5,241,694 shares changed hands during trading, a decline of 73% from the average session volume of 19,497,849 shares. The stock had previously closed at $6.96.
Wall Street Analyst Weigh In
ACHR has been the subject of several research analyst reports. Raymond James boosted their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a report on Friday, February 21st. HC Wainwright restated a "buy" rating and issued a $12.50 price target on shares of Archer Aviation in a report on Friday, February 28th. JPMorgan Chase & Co. lowered Archer Aviation from an "overweight" rating to a "neutral" rating and raised their price target for the stock from $6.00 to $9.00 in a research report on Friday, January 10th. Canaccord Genuity Group boosted their price objective on Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research report on Friday, February 28th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a "buy" rating in a report on Friday, December 13th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $11.61.
View Our Latest Stock Report on Archer Aviation
Archer Aviation Price Performance
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 50 day simple moving average of $8.56 and a 200 day simple moving average of $6.95. The stock has a market cap of $3.76 billion, a P/E ratio of -5.25 and a beta of 3.14.
Archer Aviation (NYSE:ACHR - Get Free Report) last announced 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. Sell-side 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, General Counsel Eric Lentell sold 43,230 shares of Archer Aviation stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $332,871.00. Following the sale, the general counsel now owns 53,225 shares of the company's stock, valued at approximately $409,832.50. The trade was a 44.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Tosha Perkins sold 33,335 shares of the stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $7.04, for a total value of $234,678.40. Following the transaction, the insider now directly owns 262,673 shares of the company's stock, valued at $1,849,217.92. This trade represents a 11.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 474,780 shares of company stock valued at $3,758,081 in the last three months. 9.75% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Archer Aviation
A number of institutional investors have recently added to or reduced their stakes in the company. EP Wealth Advisors LLC lifted its stake in Archer Aviation by 6.7% in the fourth quarter. EP Wealth Advisors LLC now owns 16,000 shares of the company's stock valued at $156,000 after acquiring an additional 1,000 shares during the last quarter. Harbour Investments Inc. raised its holdings 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 valued at $30,000 after purchasing an additional 1,095 shares during the period. Anchor Investment Management LLC lifted its stake 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 purchasing an additional 1,224 shares during the last quarter. Sanctuary Advisors LLC lifted its position in shares of Archer Aviation by 4.7% in the fourth quarter. Sanctuary Advisors LLC now owns 27,740 shares of the company's stock valued at $257,000 after buying an additional 1,246 shares during the last quarter. Finally, Xponance Inc. boosted its stake in shares of Archer Aviation by 8.5% during the 4th quarter. Xponance Inc. now owns 16,600 shares of the company's stock worth $162,000 after acquiring an additional 1,299 shares during the period. 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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