Archer Aviation Inc. (NYSE:ACHR – Get Free Report)’s stock price dropped 4.1% on Thursday . The stock traded as low as $3.48 and last traded at $3.50. Approximately 2,843,733 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 5,458,062 shares. The stock had previously closed at $3.65.
Wall Street Analysts Forecast Growth
Several equities analysts have recently weighed in on the stock. Benchmark reiterated a “buy” rating and set a $12.00 price objective on shares of Archer Aviation in a report on Tuesday, May 21st. JPMorgan Chase & Co. cut their price target on Archer Aviation from $7.00 to $5.00 and set an “overweight” rating on the stock in a report on Friday, May 3rd. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price objective on shares of Archer Aviation in a report on Monday, June 17th. Finally, Barclays cut their target price on Archer Aviation from $6.50 to $4.50 and set an “equal weight” rating on the stock in a report on Friday, May 17th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $8.10.
Archer Aviation Stock Up 0.9 %
Archer Aviation (NYSE:ACHR – Get Free Report) last announced its quarterly earnings results on Thursday, May 9th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.08). During the same quarter in the prior year, the firm posted ($0.46) earnings per share. On average, equities analysts forecast that Archer Aviation Inc. will post -1.33 EPS for the current year.
Institutional Investors Weigh In On Archer Aviation
Institutional investors and hedge funds have recently bought and sold shares of the business. ARK Investment Management LLC increased its position in Archer Aviation by 4.7% during the 4th quarter. ARK Investment Management LLC now owns 24,907,280 shares of the company’s stock valued at $152,931,000 after purchasing an additional 1,116,908 shares during the period. Vanguard Group Inc. raised its stake in Archer Aviation by 20.1% in the third quarter. Vanguard Group Inc. now owns 8,324,725 shares of the company’s stock worth $42,123,000 after buying an additional 1,394,872 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Archer Aviation by 19.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,386,406 shares of the company’s stock worth $8,513,000 after buying an additional 228,487 shares during the period. Alpine Global Management LLC bought a new stake in Archer Aviation during the 1st quarter valued at approximately $5,782,000. Finally, Vestmark Advisory Solutions Inc. purchased a new position in shares of Archer Aviation during the 4th quarter worth approximately $3,825,000. 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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