Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price was up 7.9% during trading on Wednesday . The company traded as high as $9.07 and last traded at $8.87. Approximately 12,678,936 shares were traded during trading, a decline of 63% from the average daily volume of 34,580,281 shares. The stock had previously closed at $8.22.
Analyst Ratings Changes
ACHR has been the topic of several recent research reports. Canaccord Genuity Group upped their target price on shares of Archer Aviation from $11.00 to $14.00 and gave the stock a "buy" rating in a research note on Wednesday, January 8th. Cantor Fitzgerald upped their price objective on Archer Aviation from $10.00 to $13.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 18th. HC Wainwright reiterated a "buy" rating and issued a $12.50 price objective on shares of Archer Aviation in a research note on Monday, December 16th. JPMorgan Chase & Co. cut 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 note on Friday, January 10th. Finally, Needham & Company LLC started coverage on Archer Aviation in a research report on Tuesday, November 19th. They issued a "buy" rating and a $11.00 price target on the stock. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $11.38.
Read Our Latest Research Report on Archer Aviation
Archer Aviation Trading Up 7.4 %
The company has a market cap of $3.76 billion, a price-to-earnings ratio of -6.69 and a beta of 3.15. 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 business's fifty day simple moving average is $7.85 and its two-hundred day simple moving average is $5.12.
Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.05). During the same quarter in the previous year, the firm earned ($0.19) EPS. On average, equities analysts predict that Archer Aviation Inc. will post -1.28 EPS for the current year.
Insider Activity at Archer Aviation
In other news, insider Tosha Perkins sold 150,000 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $6.40, for a total transaction of $960,000.00. Following the completion of the sale, the insider now owns 197,355 shares in the company, valued at approximately $1,263,072. This represents a 43.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Adam D. Goldstein purchased 19,762 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were bought at an average cost of $5.12 per share, for a total transaction of $101,181.44. Following the acquisition, the chief executive officer now owns 2,014,890 shares of the company's stock, valued at approximately $10,316,236.80. The trade was a 0.99 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders bought 776,791 shares of company stock valued at $5,139,699 and sold 1,862,899 shares valued at $12,201,707. Insiders own 9.75% of the company's stock.
Institutional Trading of Archer Aviation
A number of hedge funds have recently added to or reduced their stakes in ACHR. Geode Capital Management LLC raised its stake in shares of Archer Aviation by 5.6% during the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company's stock worth $15,487,000 after purchasing an additional 268,896 shares during the last quarter. HBK Investments L P acquired a new position in Archer Aviation in the 3rd quarter valued at $6,818,000. Charles Schwab Investment Management Inc. raised its position in Archer Aviation by 5.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company's stock worth $5,547,000 after buying an additional 94,430 shares during the last quarter. Sora Investors LLC purchased a new position in Archer Aviation during the 3rd quarter worth $3,429,000. Finally, Intellectus Partners LLC lifted its stake in shares of Archer Aviation by 1.3% in the 3rd quarter. Intellectus Partners LLC now owns 919,020 shares of the company's stock worth $2,790,000 after acquiring an additional 11,800 shares during the period. 59.34% of the stock is 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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