Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price dropped 10.4% during trading on Friday . The company traded as low as $5.83 and last traded at $6.22. Approximately 12,852,682 shares changed hands during trading, a decline of 35% from the average daily volume of 19,671,607 shares. The stock had previously closed at $6.94.
Analyst Ratings Changes
A number of brokerages have weighed in on ACHR. HC Wainwright reaffirmed a "buy" rating and issued a $12.50 target price on shares of Archer Aviation in a research note on Friday, February 28th. JPMorgan Chase & Co. cut shares of Archer Aviation from an "overweight" rating to a "neutral" rating and boosted their price objective for the stock from $6.00 to $9.00 in a research report on Friday, January 10th. Needham & Company LLC increased their price objective on Archer Aviation from $11.00 to $13.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Canaccord Genuity Group boosted their target price on Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a research report on Friday, February 28th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Archer Aviation from $11.00 to $15.00 and gave the company a "buy" rating in a report on Friday, December 13th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $11.61.
Check Out Our Latest Research Report on Archer Aviation
Archer Aviation Stock Performance
The stock has a market cap of $3.46 billion, a P/E ratio of -4.84 and a beta of 3.16. The stock has a fifty day simple moving average of $8.32 and a 200-day simple moving average of $7.07. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.
Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.10. Equities analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.
Insider Activity at Archer Aviation
In other Archer Aviation news, CTO Thomas Paul Muniz sold 99,224 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $764,024.80. Following the sale, the chief technology officer now directly owns 1,131,443 shares in the company, valued at approximately $8,712,111.10. This trade represents a 8.06 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, General Counsel Eric Lentell sold 50,004 shares of the company's stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $352,028.16. Following the completion of the transaction, the general counsel now owns 45,416 shares of the company's stock, valued at $319,728.64. This trade represents a 52.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 424,780 shares of company stock worth $3,158,081 in the last quarter. Corporate insiders own 9.75% of the company's stock.
Institutional Trading of Archer Aviation
Several hedge funds and other institutional investors have recently modified their holdings of the company. Sunbelt Securities Inc. bought a new position in shares of Archer Aviation during the fourth quarter worth about $27,000. Conquis Financial LLC bought a new position in shares of Archer Aviation during the 4th quarter worth approximately $29,000. Harbour Investments Inc. raised its holdings in shares of Archer Aviation by 54.7% in the fourth 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 last quarter. Oarsman Capital Inc. lifted its position in shares of Archer Aviation by 471.7% in the fourth quarter. Oarsman Capital Inc. now owns 3,087 shares of the company's stock worth $30,000 after purchasing an additional 2,547 shares in the last quarter. Finally, Anchor Investment Management LLC lifted its position in shares of Archer Aviation by 58.3% in the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock worth $32,000 after purchasing an additional 1,224 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company's stock.
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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