Archer Aviation Inc. (NYSE:ACHR - Get Free Report) shares were down 5.5% during trading on Monday . The company traded as low as $9.30 and last traded at $9.43. Approximately 9,735,312 shares were traded during trading, a decline of 69% from the average daily volume of 31,765,221 shares. The stock had previously closed at $9.97.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on ACHR shares. 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. Cantor Fitzgerald raised their target price on Archer Aviation from $10.00 to $13.00 and gave the company an "overweight" rating in a research note on Wednesday, December 18th. JPMorgan Chase & Co. cut Archer Aviation from an "overweight" rating to a "neutral" rating and raised their target price for the company from $6.00 to $9.00 in a research note on Friday, January 10th. HC Wainwright reaffirmed a "buy" rating and set a $12.50 target price on shares of Archer Aviation in a research note on Monday, December 16th. Finally, Canaccord Genuity Group raised their target price on Archer Aviation from $11.00 to $14.00 and gave the company a "buy" rating in a research note on Wednesday, January 8th. 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, the stock has an average rating of "Moderate Buy" and an average price target of $11.38.
Check Out Our Latest Research Report on ACHR
Archer Aviation Price Performance
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 firm has a market cap of $4.01 billion, a price-to-earnings ratio of -7.14 and a beta of 3.15. The stock has a 50-day moving average of $9.09 and a two-hundred day moving average of $5.55.
Archer Aviation (NYSE:ACHR - Get Free Report) last released 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 last year, the business posted ($0.19) earnings per share. On average, analysts anticipate that Archer Aviation Inc. will post -1.31 EPS for the current year.
Insider Buying and Selling
In other news, CEO Adam D. Goldstein sold 805,170 shares of the firm's stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the completion of the sale, the chief executive officer now directly owns 4,197,136 shares of the company's stock, valued at $19,432,739.68. This trade represents a 16.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Deborah Diaz purchased 5,150 shares of the business's stock in a transaction dated Monday, November 25th. The shares were purchased at an average cost of $7.48 per share, with a total value of $38,522.00. Following the completion of the purchase, the director now directly owns 98,886 shares in the company, valued at approximately $739,667.28. This represents a 5.49 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 776,791 shares of company stock valued at $5,139,699 and sold 1,862,899 shares valued at $12,201,707. Company insiders own 9.75% of the company's stock.
Institutional Investors Weigh In On Archer Aviation
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Sanctuary Advisors LLC raised its stake in shares of Archer Aviation by 4.7% during the 4th quarter. Sanctuary Advisors LLC now owns 27,740 shares of the company's stock worth $257,000 after purchasing an additional 1,246 shares in the last quarter. Palumbo Wealth Management LLC raised its stake in shares of Archer Aviation by 160.6% in the 4th quarter. Palumbo Wealth Management LLC now owns 53,897 shares of the company's stock valued at $525,000 after acquiring an additional 33,217 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Archer Aviation by 2.1% in the 4th quarter. Rhumbline Advisers now owns 312,322 shares of the company's stock valued at $3,045,000 after acquiring an additional 6,536 shares in the last quarter. Newbridge Financial Services Group Inc. bought a new position in shares of Archer Aviation in the 4th quarter valued at approximately $49,000. Finally, Entropy Technologies LP bought a new position in shares of Archer Aviation in the 4th quarter valued at approximately $371,000. 59.34% of the stock is owned by hedge funds and other 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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