Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price was up 9.7% during trading on Friday . The company traded as high as $9.49 and last traded at $9.30. Approximately 16,147,600 shares changed hands during mid-day trading, a decline of 42% from the average daily volume of 28,016,475 shares. The stock had previously closed at $8.48.
Analyst Ratings Changes
ACHR has been the topic of several analyst reports. Canaccord Genuity Group upped their target price on Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a 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 research report on Friday, January 10th. Needham & Company LLC reissued a "buy" rating and set a $13.00 target price on shares of Archer Aviation in a research note on Monday, April 21st. Raymond James upped their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research report on Friday, February 21st. Finally, HC Wainwright reissued a "buy" rating and issued a $12.50 price objective on shares of Archer Aviation in a research note on Friday, February 28th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $11.61.
Check Out Our Latest Stock Report on ACHR
Archer Aviation Price Performance
The business has a 50-day moving average price of $7.70 and a two-hundred day moving average price of $7.67. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $5.03 billion, a price-to-earnings ratio of -7.02 and a beta of 3.16.
Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, beating analysts' consensus estimates of ($0.40) by $0.10. As a group, research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.
Insiders Place Their Bets
In other Archer Aviation news, CFO Mark Mesler sold 62,258 shares of Archer Aviation 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 $479,386.60. Following the transaction, the chief financial officer now owns 630,243 shares of the company's stock, valued at $4,852,871.10. This trade represents a 8.99 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Tosha Perkins sold 33,335 shares of the stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $7.04, for a total value of $234,678.40. Following the sale, the insider now directly owns 262,673 shares of the company's stock, valued at $1,849,217.92. The trade was a 11.26 % decrease in their ownership of the stock. 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. Corporate insiders own 9.75% of the company's stock.
Hedge Funds Weigh In On Archer Aviation
Institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP grew its position in shares of Archer Aviation by 87.0% during the 1st quarter. Allworth Financial LP now owns 3,577 shares of the company's stock valued at $25,000 after acquiring an additional 1,664 shares during the period. Sunbelt Securities Inc. purchased a new stake in Archer Aviation in the fourth quarter worth $27,000. Conquis Financial LLC bought a new stake in shares of Archer Aviation in the fourth quarter valued at $29,000. Harbour Investments Inc. lifted its position in shares of Archer Aviation by 54.7% during the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock valued at $30,000 after buying an additional 1,095 shares during the last quarter. Finally, Oarsman Capital Inc. grew its stake in shares of Archer Aviation by 471.7% during the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company's stock worth $30,000 after acquiring an additional 2,547 shares during the period. Institutional investors own 59.34% of the company's stock.
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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