Archer Aviation (NYSE:ACHR - Free Report) had its price objective upped by Raymond James from $11.00 to $12.00 in a research note released on Friday,Benzinga reports. The brokerage currently has an outperform rating on the stock.
Other equities analysts have also recently issued research reports about the company. 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. HC Wainwright reissued a "buy" rating and set a $12.50 price target on shares of Archer Aviation in a research report on Monday, December 16th. Needham & Company LLC reaffirmed a "buy" rating and set a $11.00 price target on shares of Archer Aviation in a report on Thursday, January 16th. Canaccord Genuity Group dropped their price target on shares of Archer Aviation from $14.00 to $13.00 and set a "buy" rating for the company in a research report on Wednesday, February 12th. Finally, 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. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $11.33.
Check Out Our Latest Stock Report on Archer Aviation
Archer Aviation Stock Performance
NYSE ACHR traded down $0.75 during trading on Friday, hitting $8.39. The company's stock had a trading volume of 33,544,971 shares, compared to its average volume of 33,056,215. Archer Aviation has a 52 week low of $2.82 and a 52 week high of $12.48. 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 firm has a market cap of $3.57 billion, a P/E ratio of -6.35 and a beta of 3.13. The firm has a 50 day moving average price of $9.66 and a 200 day moving average price of $6.12.
Insider Activity at Archer Aviation
In other news, General Counsel Eric Lentell sold 114,788 shares of the business's stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $6.74, for a total transaction of $773,671.12. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder N.V. Stellantis bought 751,879 shares of the business's stock in a transaction on Wednesday, December 11th. The shares were acquired at an average price of $6.65 per share, for a total transaction of $4,999,995.35. Following the completion of the purchase, the insider now owns 60,486,841 shares in the company, valued at approximately $402,237,492.65. The trade was a 1.26 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 1,057,729 shares of company stock valued at $8,473,770 over the last three months. 9.75% of the stock is owned by corporate insiders.
Institutional Trading of Archer Aviation
Hedge funds and other institutional investors have recently modified their holdings of the company. ARK Investment Management LLC lifted its position in shares of Archer Aviation by 27.1% in the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock worth $291,643,000 after buying an additional 6,371,647 shares in the last quarter. Vanguard Group Inc. raised its stake in Archer Aviation by 21.4% during the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company's stock valued at $160,682,000 after purchasing an additional 2,908,859 shares in the last quarter. Geode Capital Management LLC lifted its position in Archer Aviation by 14.2% during the fourth quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company's stock valued at $56,908,000 after purchasing an additional 724,736 shares during the last quarter. Alyeska Investment Group L.P. grew its stake in shares of 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 worth $48,748,000 after buying an additional 3,064,280 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of Archer Aviation in the 4th quarter valued at about $42,709,000. 59.34% of the stock is owned by hedge funds and other institutional investors.
About Archer Aviation
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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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