Archer Aviation (NYSE:ACHR – Free Report) had its price objective reduced by JPMorgan Chase & Co. from $7.00 to $5.00 in a research report report published on Friday morning, Benzinga reports. They currently have an overweight rating on the stock.
Separately, Cantor Fitzgerald reaffirmed an overweight rating and issued a $10.00 price target on shares of Archer Aviation in a research note on Tuesday, February 27th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, Archer Aviation has a consensus rating of Buy and an average price target of $9.00.
Get Our Latest Stock Report on Archer Aviation
Archer Aviation Stock Down 1.4 %
Archer Aviation (NYSE:ACHR – Get Free Report) last issued its quarterly earnings results on Monday, February 26th. The company reported ($0.35) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.35). On average, equities analysts predict that Archer Aviation will post -1.45 EPS for the current fiscal year.
Insider Transactions at Archer Aviation
In other news, major shareholder N.V. Stellantis acquired 800,000 shares of the business’s stock in a transaction dated Monday, March 11th. The stock was purchased at an average price of $4.83 per share, for a total transaction of $3,864,000.00. Following the completion of the transaction, the insider now directly owns 36,251,720 shares in the company, valued at approximately $175,095,807.60. The acquisition was disclosed in a filing with the SEC, which is available through this link. Insiders purchased 3,150,000 shares of company stock worth $15,724,500 in the last three months. Corporate insiders own 27.17% of the company’s stock.
Institutional Trading of Archer Aviation
Several hedge funds have recently made changes to their positions in the business. Grove Bank & Trust bought a new position in Archer Aviation in the 3rd quarter worth about $27,000. Exchange Traded Concepts LLC purchased a new position in shares of Archer Aviation in the third quarter worth $37,000. Teacher Retirement System of Texas purchased a new position in shares of Archer Aviation in the third quarter worth $51,000. Janney Montgomery Scott LLC purchased a new position in shares of Archer Aviation in the third quarter worth $52,000. Finally, AE Wealth Management LLC purchased a new position in shares of Archer Aviation in the third quarter worth $53,000. 59.34% of the stock is currently owned by hedge funds and other institutional investors.
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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