Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shot up 1.6% on Friday . The company traded as high as $8.87 and last traded at $8.70. 7,943,525 shares changed hands during trading, a decline of 62% from the average session volume of 20,746,914 shares. The stock had previously closed at $8.56.
Analyst Ratings Changes
A number of brokerages have issued reports on ACHR. HC Wainwright reissued 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 lifted their price target for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Needham & Company LLC reiterated a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a report on Monday, April 21st. 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 research report on Friday, February 21st. Finally, Canaccord Genuity Group lifted their target price on Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research report on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Archer Aviation currently has an average rating of "Moderate Buy" and a consensus price target of $11.61.
Get Our Latest Stock Report on Archer Aviation
Archer Aviation Stock Performance
The company has a market cap of $4.66 billion, a PE ratio of -6.51 and a beta of 3.16. The stock has a 50 day simple moving average of $7.73 and a two-hundred day simple moving average of $7.50. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.
Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.10. Equities analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current year.
Insiders Place Their Bets
In related news, CFO Mark Mesler sold 62,258 shares of Archer Aviation 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 sale, the chief financial officer now directly owns 630,243 shares in the company, valued at $4,852,871.10. The trade was a 8.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Thomas Paul Muniz sold 99,224 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $764,024.80. Following the completion of the transaction, the chief technology officer now owns 1,131,443 shares of the company's stock, valued at $8,712,111.10. The trade was a 8.06 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 424,780 shares of company stock worth $3,158,081. 9.75% of the stock is owned by insiders.
Institutional Investors Weigh In On Archer Aviation
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. ARK Investment Management LLC increased its holdings in Archer Aviation by 27.1% during the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock valued at $291,643,000 after acquiring an additional 6,371,647 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Archer Aviation during the 4th quarter worth approximately $42,709,000. Alyeska Investment Group L.P. lifted its stake in Archer Aviation by 158.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock valued at $48,748,000 after buying an additional 3,064,280 shares in the last quarter. Two Sigma Investments LP grew its holdings in Archer Aviation by 3,166.8% during the 4th quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company's stock valued at $29,377,000 after buying an additional 2,920,752 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Archer Aviation by 21.4% during the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock worth $160,682,000 after buying an additional 2,908,859 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.
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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