Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) rose 0.7% during trading on Thursday . The company traded as high as $8.50 and last traded at $8.39. Approximately 8,979,358 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 21,041,827 shares. The stock had previously closed at $8.33.
Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on ACHR shares. Canaccord Genuity Group increased their price target on Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a research report on Friday, February 28th. JPMorgan Chase & Co. cut shares of Archer Aviation from an "overweight" rating to a "neutral" rating and increased their price objective for the stock from $6.00 to $9.00 in a report on Friday, January 10th. HC Wainwright reiterated a "buy" rating and issued a $12.50 price objective on shares of Archer Aviation in a research report on Friday, February 28th. Raymond James upped their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research report on Friday, February 21st. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $13.00 price target on shares of Archer Aviation in a report on Monday, April 21st. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $11.61.
Read Our Latest Stock Report on ACHR
Archer Aviation Stock Performance
The company has a fifty day moving average price of $7.70 and a two-hundred day moving average price of $7.67. The firm has a market cap of $5.03 billion, a price-to-earnings ratio of -7.02 and a beta of 3.16. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.
Archer Aviation (NYSE:ACHR - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.10. As a group, equities research analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current year.
Insider Buying and Selling at Archer Aviation
In other news, insider Tosha Perkins sold 50,000 shares of Archer Aviation 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 now directly owns 212,673 shares of the company's stock, valued at $1,801,340.31. This trade represents a 19.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Eric Lentell sold 43,230 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $332,871.00. Following the completion of the sale, the general counsel now owns 53,225 shares of the company's stock, valued at approximately $409,832.50. This trade represents a 44.82 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 474,780 shares of company stock valued at $3,581,581. Corporate insiders own 9.75% of the company's stock.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its position in Archer Aviation by 24.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,277,530 shares of the company's stock worth $22,206,000 after acquiring an additional 446,864 shares during the period. Private Advisor Group LLC boosted its holdings in shares of Archer Aviation by 253.4% during the fourth quarter. Private Advisor Group LLC now owns 51,376 shares of the company's stock worth $501,000 after purchasing an additional 36,840 shares during the period. ARK Investment Management LLC grew its position in Archer Aviation by 27.1% during the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock valued at $291,643,000 after purchasing an additional 6,371,647 shares in the last quarter. Yarbrough Capital LLC acquired a new position in Archer Aviation in the 4th quarter valued at approximately $6,039,000. Finally, Barclays PLC lifted its position in Archer Aviation by 272.7% in the 3rd quarter. Barclays PLC now owns 427,023 shares of the company's stock worth $1,294,000 after buying an additional 312,440 shares in the last quarter. 59.34% of the stock is owned by institutional investors and hedge funds.
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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