Archer Aviation Inc. (NYSE:ACHR – Get Free Report) shot up 2% during mid-day trading on Friday . The company traded as high as $3.12 and last traded at $3.11. 2,402,410 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 6,911,033 shares. The stock had previously closed at $3.05.
Analysts Set New Price Targets
A number of research firms have recently issued reports on ACHR. Benchmark reiterated a “buy” rating and issued a $12.00 price objective on shares of Archer Aviation in a report on Friday, August 9th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a report on Monday, September 16th. HC Wainwright began coverage on shares of Archer Aviation in a report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price objective on the stock. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.00.
Get Our Latest Stock Report on ACHR
Archer Aviation Stock Up 0.3 %
Archer Aviation (NYSE:ACHR – Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.07. Sell-side analysts anticipate that Archer Aviation Inc. will post -1.33 earnings per share for the current fiscal year.
Insider Buying and Selling
In other Archer Aviation news, major shareholder N.V. Stellantis purchased 2,982,089 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was acquired at an average price of $3.35 per share, with a total value of $9,989,998.15. Following the acquisition, the insider now directly owns 59,734,962 shares of the company’s stock, valued at approximately $200,112,122.70. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 27.17% of the stock is owned by insiders.
Institutional Trading of Archer Aviation
A number of hedge funds have recently modified their holdings of ACHR. Algert Global LLC bought a new position in Archer Aviation in the 2nd quarter valued at about $76,000. Susquehanna Fundamental Investments LLC bought a new position in shares of Archer Aviation during the second quarter worth approximately $62,000. The Manufacturers Life Insurance Company lifted its holdings in Archer Aviation by 42.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 120,870 shares of the company’s stock worth $425,000 after purchasing an additional 36,130 shares during the last quarter. Xponance Inc. acquired a new stake in Archer Aviation during the 2nd quarter worth approximately $51,000. Finally, DRW Securities LLC bought a new stake in Archer Aviation in the 2nd quarter valued at $68,000. Institutional investors and hedge funds own 59.34% of the company’s stock.
Archer Aviation Company Profile
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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