Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price dropped 9% during mid-day trading on Tuesday . The company traded as low as $9.87 and last traded at $9.87. Approximately 23,763,216 shares were traded during mid-day trading, a decline of 10% from the average daily volume of 26,423,949 shares. The stock had previously closed at $10.85.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on the company. HC Wainwright reissued a "buy" rating and issued a $18.00 price objective (up previously from $12.00) on shares of Archer Aviation in a research report on Monday, June 9th. Cantor Fitzgerald reissued an "overweight" rating and issued a $13.00 price target on shares of Archer Aviation in a report on Monday, June 23rd. Needham & Company LLC restated a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a report on Tuesday, May 13th. Finally, Canaccord Genuity Group decreased their price objective on shares of Archer Aviation from $13.50 to $13.00 and set a "buy" rating for the company in a research report on Monday, June 16th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Archer Aviation currently has an average rating of "Moderate Buy" and an average price target of $13.13.
Check Out Our Latest Research Report on Archer Aviation
Archer Aviation Trading Down 7.4%
The company has a debt-to-equity ratio of 0.07, a quick ratio of 15.80 and a current ratio of 15.80. The company has a market cap of $5.51 billion, a price-to-earnings ratio of -7.68 and a beta of 3.13. The company's fifty day moving average is $10.06 and its two-hundred day moving average is $9.17.
Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The company reported ($0.17) earnings per share for the quarter, topping analysts' consensus estimates of ($0.21) by $0.04. On average, research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.
Insiders Place Their Bets
In other news, General Counsel Eric Lentell sold 45,974 shares of Archer Aviation stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction of $597,202.26. Following the completion of the transaction, the general counsel directly owned 95,896 shares of the company's stock, valued at $1,245,689.04. The trade was a 32.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Tosha Perkins sold 50,000 shares of the stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $8.47, for a total value of $423,500.00. Following the transaction, the insider owned 212,673 shares in the company, valued at $1,801,340.31. This trade represents a 19.04% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 281,064 shares of company stock worth $3,425,021. 7.65% of the stock is currently owned by company insiders.
Institutional Trading of Archer Aviation
A number of institutional investors have recently made changes to their positions in ACHR. Sanctuary Advisors LLC lifted its holdings in Archer Aviation by 4.7% in the 4th quarter. Sanctuary Advisors LLC now owns 27,740 shares of the company's stock valued at $257,000 after purchasing an additional 1,246 shares in the last quarter. Private Advisor Group LLC raised its position in shares of Archer Aviation by 253.4% in the fourth quarter. Private Advisor Group LLC now owns 51,376 shares of the company's stock valued at $501,000 after buying an additional 36,840 shares during the last quarter. Amalgamated Bank lifted its stake in shares of Archer Aviation by 50.7% in the fourth quarter. Amalgamated Bank now owns 7,961 shares of the company's stock worth $78,000 after buying an additional 2,680 shares in the last quarter. Oppenheimer & Co. Inc. acquired a new position in Archer Aviation during the fourth quarter worth about $310,000. Finally, US Bancorp DE grew its stake in Archer Aviation by 2,725.3% during the 4th quarter. US Bancorp DE now owns 4,464 shares of the company's stock valued at $44,000 after acquiring an additional 4,306 shares in the last quarter. 59.34% of the stock is owned by institutional investors and hedge funds.
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.
Further Reading
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