Shares of Archer Aviation Inc. (NYSE:ACHR - Get Free Report) traded up 4% on Thursday . The company traded as high as $8.52 and last traded at $8.37. 8,272,446 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 28,397,365 shares. The stock had previously closed at $8.05.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on the stock. HC Wainwright restated a "buy" rating and issued a $12.50 target price on shares of Archer Aviation in a report on Friday, February 28th. Needham & Company LLC restated a "buy" rating and set a $13.00 price objective on shares of Archer Aviation in a research report on Monday, April 21st. Canaccord Genuity Group lifted their target price on Archer Aviation from $13.00 to $13.50 and gave the stock a "buy" rating in a report on Friday, February 28th. JPMorgan Chase & Co. downgraded Archer Aviation from an "overweight" rating to a "neutral" rating and boosted their target price for the company from $6.00 to $9.00 in a research report on Friday, January 10th. Finally, Raymond James raised their price target on Archer Aviation from $11.00 to $12.00 and gave the stock an "outperform" rating in a research report on Friday, February 21st. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $11.61.
Read Our Latest Research Report on Archer Aviation
Archer Aviation Stock Performance
The firm has a market capitalization of $4.63 billion, a P/E ratio of -6.47 and a beta of 3.16. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The firm has a 50-day moving average price of $7.73 and a two-hundred day moving average price of $7.50.
Archer Aviation (NYSE:ACHR - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.10. On average, analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.
Insider Activity
In other news, insider Tosha Perkins sold 49,273 shares of the firm's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $379,402.10. Following the transaction, the insider now owns 232,396 shares in the company, valued at approximately $1,789,449.20. This trade represents a 17.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Mark Mesler sold 34,498 shares of the company's stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $7.04, for a total transaction of $242,865.92. Following the completion of the sale, the chief financial officer now directly owns 659,357 shares of the company's stock, valued at approximately $4,641,873.28. This trade represents a 4.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 424,780 shares of company stock valued at $3,158,081. Corporate insiders own 9.75% of the company's stock.
Hedge Funds Weigh In On Archer Aviation
Institutional investors have recently bought and sold shares of the business. EP Wealth Advisors LLC boosted its position in Archer Aviation by 6.7% during the 4th quarter. EP Wealth Advisors LLC now owns 16,000 shares of the company's stock valued at $156,000 after acquiring an additional 1,000 shares in the last quarter. Harbour Investments Inc. lifted its stake in shares of Archer Aviation by 54.7% during the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company's stock worth $30,000 after purchasing an additional 1,095 shares during the last quarter. Anchor Investment Management LLC boosted its position in Archer Aviation by 58.3% during the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company's stock valued at $32,000 after purchasing an additional 1,224 shares in the last quarter. Sanctuary Advisors LLC grew its stake in Archer Aviation by 4.7% in the fourth quarter. Sanctuary Advisors LLC now owns 27,740 shares of the company's stock valued at $257,000 after purchasing an additional 1,246 shares during the last quarter. Finally, Xponance Inc. raised its holdings in Archer Aviation by 8.5% in the fourth quarter. Xponance Inc. now owns 16,600 shares of the company's stock worth $162,000 after purchasing an additional 1,299 shares in the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.
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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