Shares of Archer Aviation Inc. (NYSE:ACHR – Get Free Report) traded down 7.1% during trading on Wednesday . The stock traded as low as $10.32 and last traded at $10.35. 14,029,738 shares traded hands during trading, a decline of 62% from the average session volume of 37,349,484 shares. The stock had previously closed at $11.14.
Analyst Upgrades and Downgrades
Several analysts have recently commented on the stock. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $6.00 to $9.00 in a research report on Friday. Cantor Fitzgerald raised their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. HC Wainwright reaffirmed a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a research report on Monday, December 16th. Finally, Canaccord Genuity Group increased their target price on Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $11.38.
Check Out Our Latest Analysis on ACHR
Archer Aviation Trading Down 14.6 %
Archer Aviation (NYSE:ACHR – Get Free Report) last issued its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter last year, the company posted ($0.19) earnings per share. Analysts anticipate that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.
Insider Buying and Selling at Archer Aviation
In other Archer Aviation news, CEO Adam D. Goldstein sold 805,170 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the transaction, the chief executive officer now directly owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. This trade represents a 16.10 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Thomas Paul Muniz sold 438,428 shares of the firm’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $7.59, for a total value of $3,327,668.52. Following the sale, the chief technology officer now directly owns 1,170,360 shares of the company’s stock, valued at approximately $8,883,032.40. This represents a 27.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have purchased 776,791 shares of company stock worth $5,139,699 and have sold 1,862,899 shares worth $12,201,707. Company insiders own 9.75% of the company’s stock.
Institutional Investors Weigh In On Archer Aviation
Several large investors have recently made changes to their positions in ACHR. Miller Wealth Advisors LLC purchased a new stake in Archer Aviation in the 3rd quarter worth about $26,000. Code Waechter LLC purchased a new stake in Archer Aviation in the 3rd quarter worth about $30,000. Azzad Asset Management Inc. ADV purchased a new stake in Archer Aviation in the 3rd quarter worth about $31,000. Hollencrest Capital Management increased its holdings in Archer Aviation by 50.0% in the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after acquiring an additional 3,000 shares during the last quarter. Finally, Cyndeo Wealth Partners LLC purchased a new stake in Archer Aviation in the 3rd quarter worth about $36,000. 59.34% of the stock is owned by hedge funds and other institutional investors.
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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