Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) fell 1.7% during mid-day trading on Wednesday . The stock traded as low as $9.35 and last traded at $9.56. 9,861,987 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 29,211,777 shares. The stock had previously closed at $9.72.
Wall Street Analyst Weigh In
Several brokerages have recently issued reports on ACHR. Needham & Company LLC reissued a "buy" rating and issued a $13.00 price target on shares of Archer Aviation in a report on Tuesday, May 13th. HC Wainwright reaffirmed a "buy" rating and issued a $12.50 target price on shares of Archer Aviation in a research note on Tuesday, May 13th. 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 note on Friday, February 21st. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $13.00 target price on shares of Archer Aviation in a research note on Friday, May 16th. Finally, Canaccord Genuity Group boosted 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. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $12.50.
View Our Latest Report on ACHR
Archer Aviation Stock Performance
The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The stock's fifty day moving average price is $8.90 and its 200-day moving average price is $8.81. The company has a market capitalization of $5.58 billion, a P/E ratio of -7.70 and a beta of 3.13.
Archer Aviation (NYSE:ACHR - Get Free Report) last issued its earnings results on Monday, May 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.21) by $0.04. As a group, research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.
Insider Activity at Archer Aviation
In related news, CFO Mark Mesler sold 34,498 shares of the company's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $7.04, for a total value of $242,865.92. Following the transaction, the chief financial officer now owns 659,357 shares in the company, valued at approximately $4,641,873.28. This represents a 4.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Thomas Paul Muniz sold 80,919 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $1,051,137.81. Following the transaction, the chief technology officer now owns 1,253,294 shares in the company, valued at approximately $16,280,289.06. The trade was a 6.06% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 451,859 shares of company stock worth $4,627,418. Insiders own 7.65% of the company's stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in ACHR. Spire Wealth Management boosted its position in shares of Archer Aviation by 266.7% during the 4th quarter. Spire Wealth Management now owns 16,500 shares of the company's stock worth $161,000 after acquiring an additional 12,000 shares in the last quarter. Apollon Wealth Management LLC acquired a new stake in shares of Archer Aviation during the 4th quarter worth approximately $296,000. Entropy Technologies LP acquired a new stake in shares of Archer Aviation during the 4th quarter worth approximately $371,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of Archer Aviation during the 4th quarter worth approximately $49,000. Finally, Rhumbline Advisers boosted its position in shares of Archer Aviation by 2.1% during the 4th quarter. Rhumbline Advisers now owns 312,322 shares of the company's stock worth $3,045,000 after acquiring an additional 6,536 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company's stock.
Archer Aviation Company Profile
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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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