Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s stock price was down 5.8% on Tuesday . The company traded as low as $10.68 and last traded at $11.17. Approximately 25,184,470 shares traded hands during trading, a decline of 11% from the average daily volume of 28,274,360 shares. The stock had previously closed at $11.85.
Analysts Set New Price Targets
A number of analysts have weighed in on ACHR shares. Needham & Company LLC reissued a "buy" rating and set a $13.00 target price on shares of Archer Aviation in a report on Tuesday, May 13th. Cantor Fitzgerald reissued an "overweight" rating on shares of Archer Aviation in a report on Thursday, July 17th. Canaccord Genuity Group reissued a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. HC Wainwright reissued a "buy" rating and set a $18.00 target price (up from $12.00) on shares of Archer Aviation in a report on Monday, June 9th. Finally, UBS Group reissued a "buy" rating on shares of Archer Aviation in a report on Thursday, July 17th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, Archer Aviation presently has a consensus rating of "Moderate Buy" and a consensus target price of $13.13.
Check Out Our Latest Stock Report on ACHR
Archer Aviation Stock Down 3.4%
The firm's 50-day moving average price is $10.76 and its 200 day moving average price is $9.30. The firm has a market cap of $6.03 billion, a P/E ratio of -8.38 and a beta of 3.10. The company has a quick ratio of 15.80, a current ratio of 15.80 and a debt-to-equity ratio of 0.07.
Archer Aviation (NYSE:ACHR - Get Free Report) last released its quarterly earnings results on Monday, May 12th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.04. As a group, research analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current year.
Insider Transactions at Archer Aviation
In related news, CTO Thomas Paul Muniz sold 80,919 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $12.99, for a total value of $1,051,137.81. Following the completion of the transaction, the chief technology officer owned 1,253,294 shares in the company, valued at $16,280,289.06. This represents a 6.06% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Mark Mesler sold 50,775 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $12.99, for a total transaction 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 a total of 376,960 shares of company stock worth $4,441,519 over the last ninety days. Insiders own 7.65% of the company's stock.
Hedge Funds Weigh In On Archer Aviation
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in Archer Aviation by 19.7% in the 1st quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company's stock valued at $140,275,000 after buying an additional 3,249,106 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Archer Aviation by 14.2% during the 4th quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company's stock valued at $56,908,000 after purchasing an additional 724,736 shares in the last quarter. Alyeska Investment Group L.P. boosted its position in shares of Archer Aviation by 158.3% during the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock valued at $48,748,000 after purchasing an additional 3,064,280 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Archer Aviation during the 4th quarter valued at about $42,709,000. Finally, Alpine Global Management LLC boosted its position in shares of Archer Aviation by 16.7% during the 1st quarter. Alpine Global Management LLC now owns 4,301,402 shares of the company's stock valued at $30,583,000 after purchasing an additional 615,481 shares in the last quarter. Institutional investors 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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