Archer Aviation Inc. (NYSE:ACHR – Get Rating)’s stock price traded down 5.7% on Thursday after Benchmark lowered their price target on the stock to $12.00. Benchmark currently has a na rating on the stock. Archer Aviation traded as low as $3.59 and last traded at $3.61. 120,099 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 2,159,549 shares. The stock had previously closed at $3.83.
ACHR has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft assumed coverage on Archer Aviation in a research report on Monday, April 11th. They issued a “buy” rating and a $10.00 price objective for the company. Zacks Investment Research lowered Archer Aviation from a “buy” rating to a “sell” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. initiated coverage on Archer Aviation in a report on Thursday, April 28th. They set an “overweight” rating and a $7.00 target price on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $8.79.
In other Archer Aviation news, major shareholder Marc E. Lore acquired 163,355 shares of the business’s stock in a transaction dated Thursday, March 3rd. The shares were acquired at an average price of $2.98 per share, for a total transaction of $486,797.90. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Marc E. Lore acquired 41,405 shares of the business’s stock in a transaction dated Thursday, March 10th. The shares were acquired at an average price of $3.25 per share, for a total transaction of $134,566.25. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 541,303 shares of company stock worth $1,666,395.
Several large investors have recently added to or reduced their stakes in ACHR. Salem Investment Counselors Inc. acquired a new stake in Archer Aviation in the 4th quarter valued at approximately $30,000. TIG Advisors LLC acquired a new stake in Archer Aviation in the 3rd quarter valued at approximately $89,000. Mariner Investment Group LLC acquired a new stake in Archer Aviation in the 3rd quarter valued at approximately $89,000. BBR Partners LLC acquired a new stake in Archer Aviation in the 4th quarter valued at approximately $61,000. Finally, Capital Wealth Alliance LLC acquired a new stake in Archer Aviation in the 4th quarter valued at approximately $62,000. Institutional investors and hedge funds own 37.12% of the company’s stock.
The stock has a 50-day moving average of $4.14 and a 200-day moving average of $4.61.
About Archer Aviation (NYSE:ACHR)
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.