Archer Aviation Inc. (NYSE:ACHR – Get Free Report) traded down 14.5% during mid-day trading on Friday . The company traded as low as $9.77 and last traded at $10.04. 53,850,794 shares changed hands during trading, an increase of 117% from the average session volume of 24,811,195 shares. The stock had previously closed at $11.73.
Analyst Upgrades and Downgrades
A number of analysts have issued reports on the company. HC Wainwright reaffirmed a “buy” rating and set a $18.00 price target (up from $12.00) on shares of Archer Aviation in a report on Monday, June 9th. Needham & Company LLC reaffirmed a “buy” rating and set a $13.00 price target on shares of Archer Aviation in a report on Tuesday, May 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $13.00 price target on shares of Archer Aviation in a report on Friday, May 16th. Canaccord Genuity Group lifted their price target on Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a report on Friday, February 28th. Finally, Raymond James lifted their price target on Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Friday, February 21st. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $13.19.
Read Our Latest Report on ACHR
Archer Aviation Price Performance
Archer Aviation (NYSE:ACHR – Get Free Report) last posted its earnings results 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. Sell-side analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current year.
Insider Activity at Archer Aviation
In other Archer Aviation news, CTO Thomas Paul Muniz sold 52,958 shares of the business’s stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $7.04, for a total transaction of $372,824.32. Following the transaction, the chief technology officer now owns 1,173,905 shares in the company, valued at approximately $8,264,291.20. The trade was a 4.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Mark Mesler sold 34,498 shares of the business’s stock in a transaction that occurred on 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 owns 659,357 shares in the company, valued at $4,641,873.28. The trade was a 4.97% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 451,859 shares of company stock worth $4,627,418 in the last quarter. Company insiders own 7.65% of the company’s stock.
Institutional Investors Weigh In On Archer Aviation
A number of institutional investors and hedge funds have recently modified their holdings of ACHR. EP Wealth Advisors LLC lifted its stake in Archer Aviation by 6.7% in the 4th quarter. EP Wealth Advisors LLC now owns 16,000 shares of the company’s stock valued at $156,000 after buying an additional 1,000 shares in the last quarter. Harbour Investments Inc. raised its position in Archer Aviation by 54.7% in the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after purchasing an additional 1,095 shares during the period. Anchor Investment Management LLC raised its position in Archer Aviation by 58.3% in 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 during the period. Sanctuary Advisors LLC raised its position 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 period. Finally, Xponance Inc. grew its stake in shares of Archer Aviation by 8.5% during the fourth quarter. Xponance Inc. now owns 16,600 shares of the company’s stock valued at $162,000 after acquiring an additional 1,299 shares in the last quarter. Institutional investors and hedge funds 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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