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Archer Aviation (NYSE:ACHR) Shares Gap Up to $4.23

Financial News Live · Aug 11, 2022 11:51

Shares of Archer Aviation Inc. (NYSE:ACHR – Get Rating) gapped up prior to trading on Thursday . The stock had previously closed at $4.23, but opened at $4.58. Archer Aviation shares last traded at $4.83, with a volume of 31,327 shares traded.

Wall Street Analyst Weigh In

ACHR has been the topic of a number of recent research reports. JPMorgan Chase & Co. initiated coverage on Archer Aviation in a research report on Thursday, April 28th. They set an "overweight" rating and a $7.00 price target on the stock. Raymond James initiated coverage on Archer Aviation in a research report on Wednesday, July 27th. They set an "outperform" rating and a $8.00 price target on the stock. Finally, Benchmark dropped their price target on Archer Aviation to $12.00 and set a "na" rating on the stock in a research report on Thursday, May 19th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $9.42.

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Archer Aviation Price Performance

The company has a quick ratio of 20.90, a current ratio of 20.90 and a debt-to-equity ratio of 0.02. The firm has a fifty day simple moving average of $3.80 and a two-hundred day simple moving average of $3.74.

Archer Aviation (NYSE:ACHR – Get Rating) last issued its quarterly earnings results on Thursday, May 12th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.10). On average, equities analysts anticipate that Archer Aviation Inc. will post -1.3 earnings per share for the current year.

Insider Transactions at Archer Aviation

In other news, CEO Adam D. Goldstein sold 2,700,000 shares of the firm's stock in a transaction dated Friday, June 24th. The stock was sold at an average price of $4.08, for a total value of $11,016,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Adam D. Goldstein sold 2,700,000 shares of the firm's stock in a transaction dated Friday, June 24th. The stock was sold at an average price of $4.08, for a total value of $11,016,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Brett Adcock sold 100,000 shares of the firm's stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $4.39, for a total value of $439,000.00. The disclosure for this sale can be found here. Insiders sold a total of 2,847,090 shares of company stock worth $11,639,593 over the last three months. 30.67% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Ieq Capital LLC raised its position in Archer Aviation by 52.2% during the first quarter. Ieq Capital LLC now owns 23,398 shares of the company's stock valued at $113,000 after acquiring an additional 8,025 shares in the last quarter. Nisa Investment Advisors LLC purchased a new stake in shares of Archer Aviation in the second quarter valued at approximately $26,000. BBR Partners LLC purchased a new stake in shares of Archer Aviation in the fourth quarter valued at approximately $61,000. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Archer Aviation in the first quarter valued at approximately $50,000. Finally, Private Advisor Group LLC purchased a new stake in shares of Archer Aviation in the second quarter valued at approximately $33,000. 37.12% of the stock is currently owned by hedge funds and other institutional investors.

About Archer Aviation

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Archer Aviation Inc, an urban air mobility company, engages in designs, develops, manufactures, and operates electric vertical takeoff and landing aircrafts to carry passengers. The company was formerly known as Atlas Crest Investment Corp. and changed its name to Archer Aviation Inc Archer Aviation Inc was incorporated in 2018 and is headquartered in Palo Alto, California.