Archer Aviation Inc. (NYSE:ACHR – Get Free Report)’s stock price was down 1% during trading on Tuesday . The company traded as low as $3.75 and last traded at $3.89. Approximately 2,286,296 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 6,491,203 shares. The stock had previously closed at $3.93.
Wall Street Analysts Forecast Growth
A number of equities analysts recently commented on the company. JPMorgan Chase & Co. raised their target price on Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Benchmark reaffirmed a “buy” rating and set a $12.00 target price on shares of Archer Aviation in a research note on Friday, August 9th. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a research report on Monday, August 19th. Finally, Barclays cut their price objective on Archer Aviation from $6.50 to $4.50 and set an “equal weight” rating on the stock in a research report on Friday, May 17th.
Get Our Latest Research Report on Archer Aviation
Archer Aviation Price Performance
Insider Buying and Selling at Archer Aviation
In other Archer Aviation news, major shareholder N.V. Stellantis purchased 2,982,089 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were purchased at an average cost of $3.35 per share, for a total transaction of $9,989,998.15. Following the completion of the purchase, the insider now directly owns 59,734,962 shares in the company, valued at $200,112,122.70. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 27.17% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Archer Aviation
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Algert Global LLC acquired a new stake in shares of Archer Aviation during the second quarter worth $76,000. Susquehanna Fundamental Investments LLC purchased a new stake in Archer Aviation in the 2nd quarter valued at about $62,000. The Manufacturers Life Insurance Company increased its stake in shares of Archer Aviation by 42.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 120,870 shares of the company’s stock valued at $425,000 after acquiring an additional 36,130 shares during the last quarter. Xponance Inc. acquired a new stake in shares of Archer Aviation in the second quarter worth approximately $51,000. Finally, DRW Securities LLC purchased a new stake in Archer Aviation in the second quarter valued at approximately $68,000. Hedge funds and other institutional investors 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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