Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price shot up 1.9% during trading on Thursday . The stock traded as high as $12.25 and last traded at $12.07. 17,257,113 shares traded hands during mid-day trading, a decline of 22% from the average session volume of 22,158,666 shares. The stock had previously closed at $11.84.
Analyst Ratings Changes
Several research analysts have recently weighed in on the stock. 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 report on Friday, February 28th. Raymond James raised their price objective on Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research note on Friday, February 21st. HC Wainwright reiterated a "buy" rating and set a $12.50 target price on shares of Archer Aviation in a report on Tuesday. Finally, Needham & Company LLC restated a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a report 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, Archer Aviation has an average rating of "Moderate Buy" and an average target price of $11.61.
Read Our Latest Stock Analysis on Archer Aviation
Archer Aviation Stock Performance
The firm has a market cap of $6.47 billion, a PE ratio of -9.09 and a beta of 3.13. 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's 50 day simple moving average is $7.92 and its 200 day simple moving average is $7.98.
Archer Aviation (NYSE:ACHR - Get Free Report) last posted its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, topping analysts' consensus estimates of ($0.40) by $0.10. On average, research analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.
Insider Transactions at Archer Aviation
In other news, insider Tosha Perkins sold 33,335 shares of the firm's stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $7.04, for a total transaction of $234,678.40. Following the transaction, the insider now directly owns 262,673 shares of the company's stock, valued at approximately $1,849,217.92. This trade represents a 11.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Eric Lentell sold 50,004 shares of the firm's stock in a transaction that occurred on Monday, March 31st. The stock was 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 approximately $319,728.64. This trade represents a 52.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 474,780 shares of company stock valued at $3,581,581. 9.75% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Archer Aviation
Hedge funds and other institutional investors have recently modified their holdings of the business. Sunbelt Securities Inc. acquired a new stake in Archer Aviation in the fourth quarter valued at approximately $27,000. Conquis Financial LLC purchased a new position in Archer Aviation in the fourth quarter valued at $29,000. Oarsman Capital Inc. increased its holdings 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 buying an additional 2,547 shares in the last quarter. Harbour Investments Inc. grew its position in shares of Archer Aviation by 54.7% in the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock valued at $30,000 after purchasing an additional 1,095 shares during the period. Finally, Anchor Investment Management LLC grew its stake in Archer Aviation by 58.3% during the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock valued at $32,000 after acquiring an additional 1,224 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors.
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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