Archer Aviation Inc. (NYSE:ACHR - Get Free Report) CFO Priya Gupta sold 13,210 shares of the company's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $12.99, for a total value of $171,597.90. Following the completion of the sale, the chief financial officer now owns 134,104 shares in the company, valued at $1,742,010.96. This trade represents a 8.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Archer Aviation Stock Up 8.9%
NYSE ACHR traded up $1.08 on Friday, hitting $13.27. 71,502,560 shares of the company were exchanged, compared to its average volume of 22,604,615. The company has a market cap of $7.20 billion, a PE ratio of -10.05 and a beta of 3.13. Archer Aviation Inc. has a 12 month low of $2.82 and a 12 month high of $14.35. The stock has a fifty day moving average of $8.16 and a 200-day moving average of $8.11. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.
Archer Aviation (NYSE:ACHR - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.10. As a group, analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current year.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Arete Wealth Advisors LLC boosted its holdings in Archer Aviation by 81.4% in the first quarter. Arete Wealth Advisors LLC now owns 91,111 shares of the company's stock worth $648,000 after acquiring an additional 40,875 shares in the last quarter. NewEdge Advisors LLC lifted its stake in shares of Archer Aviation by 5.1% in the first quarter. NewEdge Advisors LLC now owns 35,739 shares of the company's stock valued at $254,000 after buying an additional 1,738 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Archer Aviation by 44.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 192,164 shares of the company's stock valued at $1,366,000 after buying an additional 59,317 shares in the last quarter. Integrated Wealth Concepts LLC lifted its stake in shares of Archer Aviation by 11.1% in the first quarter. Integrated Wealth Concepts LLC now owns 13,770 shares of the company's stock valued at $98,000 after buying an additional 1,373 shares in the last quarter. Finally, Granahan Investment Management LLC lifted its stake in shares of Archer Aviation by 31.8% in the first quarter. Granahan Investment Management LLC now owns 2,800,177 shares of the company's stock valued at $19,909,000 after buying an additional 676,013 shares in the last quarter. Institutional investors own 59.34% of the company's stock.
Wall Street Analysts Forecast Growth
ACHR has been the topic of a number of analyst reports. HC Wainwright reaffirmed a "buy" rating and issued a $12.50 price objective on shares of Archer Aviation in a research note on Tuesday. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $13.00 price objective on shares of Archer Aviation in a research note on Friday. Raymond James upped their price objective 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. Canaccord Genuity Group upped their target price on Archer Aviation from $13.00 to $13.50 and gave the company a "buy" rating in a research report on Friday, February 28th. Finally, Needham & Company LLC restated a "buy" rating and set a $13.00 target price on shares of Archer Aviation in a research report on Tuesday. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $11.61.
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Archer Aviation Company Profile
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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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