Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price shot up 0.9% during trading on Thursday . The company traded as high as $9.02 and last traded at $8.64. 5,723,540 shares were traded during mid-day trading, a decline of 73% from the average session volume of 21,401,554 shares. The stock had previously closed at $8.56.
Wall Street Analysts Forecast Growth
ACHR has been the subject of a number of analyst reports. Raymond James upped their price target on Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research report on Friday, February 21st. Canaccord Genuity Group upped their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a research report on Friday, February 28th. HC Wainwright restated a "buy" rating and set a $12.50 price objective on shares of Archer Aviation in a research report on Friday, February 28th. Needham & Company LLC reaffirmed a "buy" rating and issued a $13.00 target price on shares of Archer Aviation in a report on Monday, April 21st. Finally, JPMorgan Chase & Co. cut Archer Aviation from an "overweight" rating to a "neutral" rating and raised their price target for the company from $6.00 to $9.00 in a report on Friday, January 10th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Archer Aviation currently has a consensus rating of "Moderate Buy" and an average price target of $11.61.
View Our Latest Analysis on Archer Aviation
Archer Aviation Price Performance
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 firm's 50-day moving average is $7.74 and its two-hundred day moving average is $7.82. The company has a market cap of $4.78 billion, a P/E ratio of -6.67 and a beta of 3.13.
Archer Aviation (NYSE:ACHR - Get Free Report) last announced its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.10. Analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current year.
Insider Buying and Selling
In related news, insider Tosha Perkins sold 50,000 shares of the stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $8.47, for a total value of $423,500.00. Following the transaction, the insider now owns 212,673 shares of the company's stock, valued at $1,801,340.31. This represents a 19.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Eric Lentell sold 50,004 shares of the firm's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $352,028.16. Following the transaction, the general counsel now directly owns 45,416 shares in the company, valued at $319,728.64. This trade represents a 52.40 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 474,780 shares of company stock valued at $3,581,581. Company insiders own 9.75% of the company's stock.
Institutional Inflows and Outflows
Several large investors have recently made changes to their positions in ACHR. Sunbelt Securities Inc. bought a new position in Archer Aviation in the fourth quarter worth about $27,000. Conquis Financial LLC bought a new position in shares of Archer Aviation during the 4th quarter worth approximately $29,000. Oarsman Capital Inc. boosted its stake in Archer Aviation by 471.7% in the fourth quarter. Oarsman Capital Inc. now owns 3,087 shares of the company's stock valued at $30,000 after acquiring an additional 2,547 shares in the last quarter. Harbour Investments Inc. grew its holdings in Archer Aviation by 54.7% in the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock worth $30,000 after purchasing an additional 1,095 shares during the last quarter. Finally, Anchor Investment Management LLC grew its holdings in Archer Aviation by 58.3% in the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock worth $32,000 after purchasing an additional 1,224 shares during the last quarter. 59.34% of the stock is owned by 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.
Further Reading
Before you consider Archer Aviation, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Archer Aviation wasn't on the list.
While Archer Aviation currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
