Shares of Archer Aviation Inc. (NYSE:ACHR – Get Free Report) have received an average rating of “Moderate Buy” from the eight research firms that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $12.50.
A number of equities analysts recently weighed in on the company. HC Wainwright reiterated a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a research report on Tuesday, May 13th. Raymond James raised their target price on shares of Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Friday, February 21st. Cantor Fitzgerald reissued an “overweight” rating and issued a $13.00 target price on shares of Archer Aviation in a research report on Friday, May 16th. Needham & Company LLC restated a “buy” rating and issued a $13.00 price target on shares of Archer Aviation in a research report on Tuesday, May 13th. Finally, Canaccord Genuity Group raised their price objective on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research note on Friday, February 28th.
Check Out Our Latest Report on Archer Aviation
Archer Aviation Trading Up 8.7%
Archer Aviation (NYSE:ACHR – Get Free Report) last issued its earnings results on Monday, May 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.04. On average, research analysts predict that Archer Aviation will post -1.32 EPS for the current fiscal year.
Insider Buying and Selling at Archer Aviation
In other Archer Aviation news, 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 value of $242,865.92. Following the transaction, the chief financial officer now directly owns 659,357 shares of the company’s stock, valued at $4,641,873.28. This represents a 4.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Thomas Paul Muniz sold 80,919 shares of the firm’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $12.99, for a total value of $1,051,137.81. Following the sale, the chief technology officer now directly owns 1,253,294 shares of the company’s stock, valued at $16,280,289.06. This trade represents a 6.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 451,859 shares of company stock valued at $4,627,418 in the last 90 days. 7.65% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Archer Aviation
Large investors have recently made changes to their positions in the company. ARK Investment Management LLC boosted its position in Archer Aviation by 27.1% during the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock worth $291,643,000 after purchasing an additional 6,371,647 shares during the period. Vanguard Group Inc. increased its holdings 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 period. Geode Capital Management LLC lifted its stake in Archer Aviation by 14.2% during the fourth quarter. Geode Capital Management LLC now owns 5,835,128 shares of the company’s stock worth $56,908,000 after purchasing an additional 724,736 shares during the period. Alyeska Investment Group L.P. grew its position 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 acquiring an additional 3,064,280 shares during the period. Finally, Renaissance Technologies LLC bought a new position in Archer Aviation during the 4th quarter valued at about $42,709,000. Institutional investors own 59.34% of the company’s stock.
About Archer Aviation
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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