Archer Aviation Inc. (NYSE:ACHR - Get Free Report)'s share price traded down 3.6% during mid-day trading on Friday . The stock traded as low as $10.14 and last traded at $10.22. 6,810,075 shares were traded during mid-day trading, a decline of 71% from the average session volume of 23,440,450 shares. The stock had previously closed at $10.60.
Wall Street Analysts Forecast Growth
Several research firms recently commented on ACHR. Raymond James lifted their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research report on Friday, February 21st. Canaccord Genuity Group lifted their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a report on Friday, February 28th. HC Wainwright reissued a "buy" rating and issued a $12.50 price objective on shares of Archer Aviation in a research note on Tuesday, May 13th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $13.00 target price on shares of Archer Aviation in a research report on Friday, May 16th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $13.00 target price on shares of Archer Aviation in a report on Tuesday, May 13th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $12.50.
Read Our Latest Analysis on Archer Aviation
Archer Aviation Stock Performance
The stock has a market capitalization of $5.34 billion, a price-to-earnings ratio of -7.37 and a beta of 3.13. 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 has a fifty day simple moving average of $8.67 and a two-hundred day simple moving average of $8.66.
Archer Aviation (NYSE:ACHR - Get Free Report) last released 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. Analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.
Insider Transactions at Archer Aviation
In other Archer Aviation news, CFO Priya Gupta sold 13,210 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 value of $171,597.90. Following the transaction, the chief financial officer now owns 134,104 shares in the company, valued at approximately $1,742,010.96. This represents a 8.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Tosha Perkins sold 49,273 shares of Archer Aviation stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $379,402.10. Following the completion of the sale, the insider now directly owns 232,396 shares of the company's stock, valued at approximately $1,789,449.20. The trade was a 17.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 705,844 shares of company stock valued at $6,583,103 in the last quarter. 7.65% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Archer Aviation
A number of hedge funds have recently added to or reduced their stakes in the stock. ARK Investment Management LLC lifted its holdings in shares of Archer Aviation by 27.1% in the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company's stock valued at $291,643,000 after purchasing an additional 6,371,647 shares in the last quarter. Renaissance Technologies LLC bought a new position in Archer Aviation during the 4th quarter valued at $42,709,000. Vanguard Group Inc. boosted its holdings in Archer Aviation by 19.7% during the 1st quarter. Vanguard Group Inc. now owns 19,729,296 shares of the company's stock worth $140,275,000 after acquiring an additional 3,249,106 shares during the last quarter. Nuveen LLC purchased a new position in Archer Aviation during the 1st quarter worth $22,423,000. Finally, Alyeska Investment Group L.P. grew its stake in shares of Archer Aviation by 158.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company's stock worth $48,748,000 after acquiring an additional 3,064,280 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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