Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) fell 3.2% during mid-day trading on Thursday . The company traded as low as $10.24 and last traded at $10.48. 13,864,109 shares changed hands during trading, a decline of 53% from the average session volume of 29,438,445 shares. The stock had previously closed at $10.82.
Analyst Upgrades and Downgrades
A number of research firms have recently issued reports on ACHR. Needham & Company LLC restated a "buy" rating and set a $13.00 price target on shares of Archer Aviation in a report on Tuesday, May 13th. Raymond James boosted their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the company an "outperform" rating in a research note on Friday, February 21st. HC Wainwright reissued a "buy" rating and set a $12.50 target price on shares of Archer Aviation in a research note on Tuesday, May 13th. Cantor Fitzgerald reissued an "overweight" rating and set a $13.00 price target on shares of Archer Aviation in a research report on Friday, May 16th. Finally, Canaccord Genuity Group upped their price target on Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research report on Friday, February 28th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Archer Aviation currently has an average rating of "Moderate Buy" and an average price target of $12.50.
View Our Latest Research Report on ACHR
Archer Aviation Price Performance
The stock has a 50 day moving average price of $8.37 and a two-hundred day moving average price of $8.27. 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 company has a market capitalization of $5.86 billion, a PE ratio of -8.06 and a beta of 3.13.
Archer Aviation (NYSE:ACHR - Get Free Report) last issued its quarterly earnings data on Monday, May 12th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.04. Equities analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current year.
Insider Activity
In related news, CTO Thomas Paul Muniz sold 80,919 shares of Archer Aviation stock in a transaction on 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 transaction, the chief technology officer now owns 1,253,294 shares in the company, valued at $16,280,289.06. This trade represents a 6.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mark Mesler sold 62,258 shares of the firm's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $479,386.60. Following the completion of the sale, the chief financial officer now directly owns 630,243 shares in the company, valued at approximately $4,852,871.10. This represents a 8.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 705,844 shares of company stock worth $6,583,103. 7.65% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Archer Aviation
Institutional investors and hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC bought a new stake in Archer Aviation in the fourth quarter valued at $1,068,000. Aspiring Ventures LLC acquired a new position in shares of Archer Aviation during the fourth quarter worth approximately $133,000. PFG Investments LLC raised its position in shares of Archer Aviation by 16.3% during the fourth quarter. PFG Investments LLC now owns 22,821 shares of the company's stock worth $223,000 after acquiring an additional 3,192 shares during the last quarter. Dumont & Blake Investment Advisors LLC bought a new stake in shares of Archer Aviation during the fourth quarter worth approximately $160,000. Finally, Spire Wealth Management increased its stake in shares of Archer Aviation by 266.7% in the 4th quarter. Spire Wealth Management now owns 16,500 shares of the company's stock valued at $161,000 after acquiring an additional 12,000 shares during the last quarter. 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.
Further Reading
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