Archer Aviation Inc. (NYSE:ACHR - Get Free Report) fell 2.2% during trading on Tuesday . The stock traded as low as $10.10 and last traded at $10.20. 8,745,518 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 33,022,465 shares. The stock had previously closed at $10.43.
Analysts Set New Price Targets
A number of brokerages have commented on ACHR. JPMorgan Chase & Co. upped their price objective on Archer Aviation from $9.00 to $10.00 and gave the company a "neutral" rating in a report on Friday. Needham & Company LLC reaffirmed a "buy" rating and issued a $13.00 price objective on shares of Archer Aviation in a report on Tuesday, May 13th. Canaccord Genuity Group reaffirmed a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. HC Wainwright reiterated a "buy" rating and set a $18.00 target price (up from $12.00) on shares of Archer Aviation in a research report on Monday, June 9th. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of Archer Aviation in a research report on Thursday, July 17th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $13.25.
Read Our Latest Research Report on ACHR
Archer Aviation Stock Performance
The company has a debt-to-equity ratio of 0.07, a quick ratio of 15.80 and a current ratio of 15.80. The company has a market capitalization of $5.62 billion, a P/E ratio of -7.81 and a beta of 3.08. The business has a 50 day moving average of $10.64 and a 200-day moving average of $9.35.
Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.04. On average, sell-side analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.
Insider Buying and Selling at Archer Aviation
In other Archer Aviation news, insider Tosha Perkins sold 40,186 shares of Archer Aviation stock in a transaction on Friday, May 16th. The stock was sold at an average price of $12.99, for a total transaction of $522,016.14. Following the completion of the transaction, the insider owned 256,799 shares in the company, valued at approximately $3,335,819.01. The trade was a 13.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark Mesler sold 50,775 shares of the business's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $12.99, for a total value of $659,567.25. Following the completion of the transaction, the chief financial officer owned 711,525 shares of the company's stock, valued at $9,242,709.75. This represents a 6.66% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 326,960 shares of company stock valued at $4,018,019 in the last ninety days. Corporate insiders own 7.65% of the company's stock.
Institutional Trading of Archer Aviation
A number of hedge funds and other institutional investors have recently bought and sold shares of ACHR. Allworth Financial LP boosted its stake in Archer Aviation by 87.0% during the first quarter. Allworth Financial LP now owns 3,577 shares of the company's stock valued at $25,000 after buying an additional 1,664 shares during the last quarter. Sunbelt Securities Inc. bought a new stake in shares of Archer Aviation in the 4th quarter valued at approximately $27,000. Strs Ohio purchased a new stake in shares of Archer Aviation in the first quarter worth approximately $27,000. Tidemark LLC raised its holdings in shares of Archer Aviation by 100.0% in the first quarter. Tidemark LLC now owns 4,000 shares of the company's stock worth $28,000 after buying an additional 2,000 shares during the period. Finally, AlphaQuest LLC raised its holdings in shares of Archer Aviation by 1,181.6% in the second quarter. AlphaQuest LLC now owns 2,576 shares of the company's stock worth $28,000 after buying an additional 2,375 shares during the period. Hedge funds and other 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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