Archer Aviation Inc. (NYSE:ACHR - Get Free Report) gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $9.08, but opened at $9.45. Archer Aviation shares last traded at $10.84, with a volume of 16,996,835 shares.
The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.04.
Analyst Ratings Changes
Several research firms have weighed in on ACHR. HC Wainwright reaffirmed a "buy" rating and issued a $12.50 price target on shares of Archer Aviation in a research note on Tuesday. Raymond James raised their price objective on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a report on Friday, February 21st. Canaccord Genuity Group upped their target price on Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a research note on Friday, February 28th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a research note on Tuesday. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $11.61.
Check Out Our Latest Stock Report on Archer Aviation
Insider Activity at Archer Aviation
In related news, CFO Mark Mesler sold 62,258 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $479,386.60. Following the transaction, the chief financial officer now directly owns 630,243 shares of the company's stock, valued at approximately $4,852,871.10. This trade represents a 8.99% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Thomas Paul Muniz sold 99,224 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The stock was 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 of the company's stock, valued at $8,712,111.10. The trade was a 8.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 474,780 shares of company stock worth $3,581,581 in the last quarter. Company insiders own 9.75% of the company's stock.
Hedge Funds Weigh In On Archer Aviation
Institutional investors have recently modified their holdings of the company. ARK Investment Management LLC raised its position in shares of Archer Aviation by 27.1% during the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock worth $291,643,000 after purchasing an additional 6,371,647 shares during the period. Vanguard Group Inc. grew its position in Archer Aviation by 19.7% during the first quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company's stock worth $140,275,000 after buying an additional 3,249,106 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Archer Aviation by 14.2% during the 4th quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company's stock valued at $56,908,000 after acquiring an additional 724,736 shares in the last quarter. Alyeska Investment Group L.P. grew its position in Archer Aviation by 158.3% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock worth $48,748,000 after acquiring an additional 3,064,280 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of Archer Aviation during the fourth quarter valued at $42,709,000. Institutional investors own 59.34% of the company's stock.
Archer Aviation Stock Performance
The stock has a 50-day moving average of $7.76 and a 200 day moving average of $7.93. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The stock has a market capitalization of $6.00 billion, a price-to-earnings ratio of -8.43 and a beta of 3.13.
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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