Archer Aviation Inc. (NYSE:ACHR - Get Free Report) rose 3.8% during trading on Monday . The company traded as high as $11.06 and last traded at $10.87. Approximately 18,259,676 shares were traded during mid-day trading, a decline of 31% from the average daily volume of 26,318,095 shares. The stock had previously closed at $10.47.
Wall Street Analysts Forecast Growth
ACHR has been the subject of a number of recent research reports. HC Wainwright restated a "buy" rating and issued a $18.00 target price (up from $12.00) on shares of Archer Aviation in a research note on Monday, June 9th. Cantor Fitzgerald restated an "overweight" rating and issued a $13.00 target price on shares of Archer Aviation in a research note on Monday, June 23rd. Canaccord Genuity Group cut their target price on Archer Aviation from $13.50 to $13.00 and set a "buy" rating for the company in a research note on Monday, June 16th. Finally, Needham & Company LLC restated a "buy" rating and issued a $13.00 target price on shares of Archer Aviation in a research note on Tuesday, May 13th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, Archer Aviation presently has a consensus rating of "Moderate Buy" and an average target price of $13.13.
Read Our Latest Analysis on ACHR
Archer Aviation Stock Up 3.8%
The firm has a fifty day moving average price of $10.06 and a 200 day moving average price of $9.17. The company has a quick ratio of 15.80, a current ratio of 15.80 and a debt-to-equity ratio of 0.07. The company has a market cap of $5.97 billion, a P/E ratio of -8.30 and a beta of 3.13.
Archer Aviation (NYSE:ACHR - Get Free Report) last announced its 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. Equities research analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current year.
Insider Activity at Archer Aviation
In other news, CTO Thomas Paul Muniz sold 80,919 shares of the company's stock in a transaction 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 owned 1,253,294 shares of the company's stock, valued at $16,280,289.06. This represents a 6.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Tosha Perkins sold 40,186 shares of the company's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $12.99, for a total value of $522,016.14. Following the transaction, the insider directly owned 256,799 shares in the company, valued at $3,335,819.01. This trade represents a 13.53% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 281,064 shares of company stock valued at $3,425,021. 7.65% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Archer Aviation
Several large investors have recently made changes to their positions in ACHR. Renaissance Technologies LLC bought a new position in Archer Aviation during the fourth quarter worth about $42,709,000. Vanguard Group Inc. raised 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 during the last quarter. Nuveen LLC bought a new position in Archer Aviation in the first quarter valued at approximately $22,423,000. Alyeska Investment Group L.P. grew its stake in Archer Aviation by 158.3% in the fourth 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. Finally, Two Sigma Investments LP grew its stake in Archer Aviation by 3,166.8% in the fourth quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company's stock valued at $29,377,000 after purchasing an additional 2,920,752 shares in the last quarter. Institutional investors and hedge funds 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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