Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price traded down 3.8% during mid-day trading on Tuesday . The company traded as low as $9.15 and last traded at $9.81. 35,114,030 shares traded hands during mid-day trading, an increase of 22% from the average session volume of 28,781,291 shares. The stock had previously closed at $10.20.
Wall Street Analyst Weigh In
Several equities analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft upped their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the company a "buy" rating in a research note on Friday, December 13th. Needham & Company LLC restated a "buy" rating and set a $11.00 target price on shares of Archer Aviation in a research note on Thursday, January 16th. JPMorgan Chase & Co. cut shares of Archer Aviation from an "overweight" rating to a "neutral" rating and upped their target price for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Canaccord Genuity Group lowered their target price on shares of Archer Aviation from $14.00 to $13.00 and set a "buy" rating on the stock in a research note on Wednesday. Finally, Cantor Fitzgerald upped their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a research note on Wednesday, December 18th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Archer Aviation presently has an average rating of "Moderate Buy" and an average price target of $11.25.
Check Out Our Latest Stock Report on ACHR
Archer Aviation Stock Up 8.5 %
The company's 50 day moving average price is $9.35 and its two-hundred day moving average price is $5.81. 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 stock has a market cap of $4.39 billion, a P/E ratio of -7.82 and a beta of 3.13.
Insider Buying and Selling
In related news, CTO Thomas Paul Muniz sold 50,000 shares of the stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total value of $600,000.00. Following the completion of the sale, the chief technology officer now directly owns 1,070,360 shares of the company's stock, valued at approximately $12,844,320. This represents a 4.46 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Adam D. Goldstein sold 805,170 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the sale, the chief executive officer now directly owns 4,197,136 shares of the company's stock, valued at approximately $19,432,739.68. This trade represents a 16.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders bought 776,791 shares of company stock valued at $5,139,699 and sold 1,862,899 shares valued at $12,201,707. 9.75% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Archer Aviation
A number of institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC grew its holdings in shares of Archer Aviation by 272.7% in the third quarter. Barclays PLC now owns 427,023 shares of the company's stock valued at $1,294,000 after purchasing an additional 312,440 shares in the last quarter. HBK Investments L P purchased a new position in shares of Archer Aviation in the third quarter valued at $6,818,000. Yarbrough Capital LLC purchased a new position in shares of Archer Aviation in the fourth quarter valued at $6,039,000. Benjamin Edwards Inc. grew its holdings in shares of Archer Aviation by 12,656.1% in the third quarter. Benjamin Edwards Inc. now owns 106,258 shares of the company's stock valued at $322,000 after purchasing an additional 105,425 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Archer Aviation by 5.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company's stock valued at $5,547,000 after purchasing an additional 94,430 shares in the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.
Archer Aviation Company Profile
(
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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