Archer Aviation Inc. (NYSE:ACHR – Get Free Report) shares were down 1.8% during mid-day trading on Thursday . The stock traded as low as $6.11 and last traded at $6.4050. Approximately 46,613,268 shares were traded during trading, an increase of 35% from the average daily volume of 34,628,309 shares. The stock had previously closed at $6.52.
Analysts Set New Price Targets
Several equities analysts have issued reports on ACHR shares. Needham & Company LLC decreased their price objective on shares of Archer Aviation from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a report on Monday, April 20th. Finally, Canaccord Genuity Group reduced their target price on shares of Archer Aviation from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $11.83.
View Our Latest Stock Analysis on ACHR
Archer Aviation Price Performance
Archer Aviation (NYSE:ACHR – Get Free Report) last issued its earnings results on Monday, May 11th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.03). The firm had revenue of $1.60 million for the quarter, compared to analyst estimates of $1.66 million. During the same period last year, the business earned ($0.17) EPS. Equities research analysts expect that Archer Aviation Inc. will post -1.51 earnings per share for the current fiscal year.
Insider Activity
In related news, insider Tosha Perkins sold 10,949 shares of the firm’s stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $6.27, for a total transaction of $68,650.23. Following the completion of the sale, the insider directly owned 384,768 shares in the company, valued at approximately $2,412,495.36. This trade represents a 2.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Eric Lentell sold 8,059 shares of the firm’s stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $6.27, for a total transaction of $50,529.93. Following the sale, the insider owned 150,119 shares of the company’s stock, valued at approximately $941,246.13. The trade was a 5.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 255,750 shares of company stock valued at $1,645,333 in the last quarter. Insiders own 7.65% of the company’s stock.
Institutional Investors Weigh In On Archer Aviation
Several hedge funds and other institutional investors have recently bought and sold shares of the company. SummitTX Capital L.P. acquired a new stake in Archer Aviation during the first quarter worth about $709,000. Lazard Asset Management LLC acquired a new stake in Archer Aviation during the first quarter worth about $172,000. Themes Management Co LLC increased its position in Archer Aviation by 68.1% during the first quarter. Themes Management Co LLC now owns 26,148 shares of the company’s stock worth $135,000 after purchasing an additional 10,593 shares during the last quarter. Renaissance Technologies LLC increased its position in Archer Aviation by 703.3% during the first quarter. Renaissance Technologies LLC now owns 2,514,300 shares of the company’s stock worth $12,999,000 after purchasing an additional 2,201,300 shares during the last quarter. Finally, Sei Investments Co. increased its position in Archer Aviation by 25.8% during the first quarter. Sei Investments Co. now owns 83,929 shares of the company’s stock worth $434,000 after purchasing an additional 17,194 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.
About Archer Aviation
Archer Aviation, Inc (NYSE: ACHR) is a California-based aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft designed to serve as sustainable urban air mobility solutions. Founded in 2018 by Adam Goldstein and Brett Adcock, Archer focuses on the design, development and certification of zero-emissions air taxis aimed at reducing traffic congestion in densely populated metropolitan areas. The company’s flagship prototypes, “Maker” and “Midnight,” have been engineered to deliver quiet, efficient short-haul flights with ranges of up to 100 miles per charge.
Headquartered in Palo Alto, California, Archer operates a manufacturing facility in nearby Santa Cruz County and maintains research partnerships with automotive and energy companies, including a collaboration with Stellantis to integrate advanced battery systems.
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