Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price was up 6.7% during trading on Friday . The company traded as high as $7.78 and last traded at $7.73. Approximately 8,396,499 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 31,823,473 shares. The stock had previously closed at $7.25.
Wall Street Analyst Weigh In
A number of analysts have commented on ACHR shares. Needham & Company LLC lifted their target price on Archer Aviation from $11.00 to $13.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Deutsche Bank Aktiengesellschaft raised their price target on Archer Aviation from $11.00 to $15.00 and gave the stock a "buy" rating in a research note on Friday, December 13th. Canaccord Genuity Group raised their price target on Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a research note on Friday, February 28th. HC Wainwright restated a "buy" rating and issued a $12.50 price target on shares of Archer Aviation in a research note on Friday, February 28th. Finally, JPMorgan Chase & Co. downgraded 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 note on Friday, January 10th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $11.61.
Check Out Our Latest Report on Archer Aviation
Archer Aviation Stock Up 8.6 %
The company has a market capitalization of $4.27 billion, a PE ratio of -5.97 and a beta of 3.14. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The company has a 50-day moving average of $9.01 and a two-hundred day moving average of $6.52.
Archer Aviation (NYSE:ACHR - Get Free Report) last released its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.10. Sell-side analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.
Insider Activity
In other news, CTO Thomas Paul Muniz sold 50,000 shares of Archer Aviation stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $9.00, for a total value of $450,000.00. Following the sale, the chief technology officer now directly owns 1,120,360 shares of the company's stock, valued at approximately $10,083,240. The trade was a 4.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Mark Mesler sold 62,258 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 $479,386.60. Following the completion of the sale, the chief financial officer now directly owns 630,243 shares in the company, valued at $4,852,871.10. This trade represents a 8.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 545,498 shares of company stock worth $4,920,815 over the last ninety days. Corporate insiders own 9.75% of the company's stock.
Institutional Investors Weigh In On Archer Aviation
Large investors have recently made changes to their positions in the company. Sunbelt Securities Inc. bought a new stake in shares of Archer Aviation in the fourth quarter worth about $27,000. Conquis Financial LLC bought a new stake in Archer Aviation during the fourth quarter worth approximately $29,000. Oarsman Capital Inc. increased its stake in Archer Aviation by 471.7% during the fourth quarter. Oarsman Capital Inc. now owns 3,087 shares of the company's stock worth $30,000 after acquiring an additional 2,547 shares during the last quarter. Harbour Investments Inc. increased its stake in Archer Aviation by 54.7% during the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock worth $30,000 after acquiring an additional 1,095 shares during the last quarter. Finally, Anchor Investment Management LLC increased its stake in Archer Aviation by 58.3% during the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock worth $32,000 after acquiring an additional 1,224 shares during the last quarter. 59.34% of the stock is owned by institutional investors.
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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