Archer Aviation Inc. (NYSE:ACHR – Get Free Report) shot up 2.1% on Friday . The company traded as high as $5.65 and last traded at $5.5650. 19,837,490 shares traded hands during trading, a decline of 46% from the average daily volume of 37,042,613 shares. The stock had previously closed at $5.45.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on ACHR. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Archer Aviation in a research note on Friday, July 17th. HC Wainwright reissued a “buy” rating on shares of Archer Aviation in a research note on Tuesday, August 11th. Cantor Fitzgerald restated an “overweight” rating and issued a $11.00 price objective on shares of Archer Aviation in a report on Tuesday, August 11th. Wells Fargo & Company set a $18.00 price objective on shares of Archer Aviation in a research note on Tuesday, August 11th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $9.00 target price on shares of Archer Aviation in a report on Tuesday, August 11th. Five analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Archer Aviation has an average rating of “Hold” and a consensus price target of $11.50.
Archer Aviation Price Performance
Archer Aviation (NYSE:ACHR – Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The company reported ($0.34) EPS for the quarter, meeting analysts’ consensus estimates of ($0.34). The firm had revenue of $5.00 million for the quarter, compared to the consensus estimate of $1.94 million. Analysts forecast that Archer Aviation Inc. will post -1.37 earnings per share for the current year.
Insider Buying and Selling at Archer Aviation
In other news, CFO Priya Gupta sold 10,015 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $6.41, for a total transaction of $64,196.15. Following the completion of the transaction, the chief financial officer directly owned 202,784 shares of the company’s stock, valued at approximately $1,299,845.44. This represents a 4.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Eric Lentell sold 100,000 shares of the company’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $6.31, for a total transaction of $631,000.00. Following the transaction, the insider directly owned 85,011 shares of the company’s stock, valued at approximately $536,419.41. This trade represents a 54.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 176,657 shares of company stock worth $1,122,371. 5.55% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Archer Aviation
Several hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC purchased a new stake in Archer Aviation in the first quarter worth $293,000. Integrated Wealth Concepts LLC raised its holdings in Archer Aviation by 11.1% in the 1st quarter. Integrated Wealth Concepts LLC now owns 13,770 shares of the company’s stock worth $98,000 after purchasing an additional 1,373 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Archer Aviation by 44.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 192,164 shares of the company’s stock worth $1,366,000 after purchasing an additional 59,317 shares during the period. NewEdge Advisors LLC lifted its position in shares of Archer Aviation by 5.1% in the 1st quarter. NewEdge Advisors LLC now owns 35,739 shares of the company’s stock worth $254,000 after purchasing an additional 1,738 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Archer Aviation by 51.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 844,017 shares of the company’s stock valued at $6,001,000 after purchasing an additional 285,414 shares in the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.
Archer Aviation Company Profile
Archer Aviation Inc is an aerospace company developing electric vertical takeoff and landing (eVTOL) aircraft for urban air mobility. Its aircraft are designed to transport passengers over short distances using distributed electric propulsion, with the goal of providing quieter and potentially faster alternatives to traditional ground transportation in congested urban areas.
The company’s primary aircraft is Midnight, a piloted, four-passenger eVTOL aircraft intended for commercial air taxi operations.
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