BlackRock Fund Advisors recently announced the acquisition of new stake in Archer Aviation Inc. (NYSE:ACHR). The institutional investor has increased its shareholding in the Industrials company by 18.19% to 10.63 million shares with purchase of 1.64 million shares. This fresh investment now brings its stake to 5.98% valued currently at $31.36 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.15 million to 6.24 million shares. And Invesco Capital Management LLC has lifted its position by 16.39% or 0.87 million shares – to 6.21 million shares.
With over 2.74 million Archer Aviation Inc. (ACHR) shares trading Friday and a closing price of $3.07 on the day, the dollar volume was approximately $8.41 million. The shares have shown a negative half year performance of -11.27% and its price on 03/10/23 gained nearly 8.48%. Currently, there are 238.59M common shares owned by the public and among those 129.86M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 5 analysts who have offered their price forecasts for ACHR have a consensus price objective of $9.40. The analysts have set the share’s price value over the next 12 months at a high of $12.00 and a low of $5.00. The average price target is 63.54% above its recent price level and an upside to the estimated low will see the stock gain 38.6% over that period. But an upside of 74.42% will see the stock hit the forecast high price target while median target price for the stock is $10.00.
Insiders at the company have transacted a total of 106 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 54 of these insider trades were purchases, accounting for 7,941,727 shares. Insider sales of the common stock occurred on 52 occasions, with total insider shares sold totaling 7,634,876 shares.
The top 3 mutual fund holders in Archer Aviation Inc. are ARK Autonomous Technology & Robot, Invesco WilderHill Clean Energy E, and SPDR S&P Aerospace & Defense ETF. ARK Autonomous Technology & Robot owns 6.96 million shares of the company’s stock, all valued at over $20.54 million. Invesco WilderHill Clean Energy E sold 44320.0 shares to see its total holdings shrink to 5.19 million shares valued at over $15.3 million and representing 2.92% of the shares outstanding. SPDR S&P Aerospace & Defense ETF bought 8366.0 shares to bring its total holdings to over 4.23 million shares at a value of $12.49 million. SPDR S&P Aerospace & Defense ETF now owns shares totaling to 2.38% of the shares outstanding.
Shares of Archer Aviation Inc. (NYSE: ACHR) opened at $2.84, up $0.01 from a prior closing price of $2.83. However, the script later moved the day high at 3.2400, up 8.48%. The company’s stock has a 5-day price change of -0.65% and 38.91% over the past three months. ACHR shares are trading 64.17% year to date (YTD), with the 12-month market performance down to -10.76% lower. It has a 12-month low price of $1.62 and touched a high of $5.24 over the same period. ACHR has an average intraday trading volume of 1.89 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 8.46%, 16.46%, and -0.01% respectively.
Institutional ownership of Archer Aviation Inc. (NYSE: ACHR) shares accounts for 39.80% of the company’s 238.59M shares outstanding. Mutual fund holders own 18.35%, while other institutional holders and individual stakeholders account for 23.38% and 11.50% respectively.
It has a market capitalization of $688.51M. The earnings-per-share (ttm) stands at -$1.11. Price movements for the stock have been influenced by the stock’s volatility, which stands at 8.76% over the week and 6.51% over the month.
Analysts forecast that Archer Aviation Inc. (ACHR) will achieve an EPS of -$0.29 for the current quarter, -$0.27 for the next quarter and -$1.16 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.31 while analysts give the company a high EPS estimate of -$0.27. Comparatively, EPS for the current quarter was -$0.3 a year ago. Earnings per share for the fiscal year are expected to decrease by -742.70%, and 13.80% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 5 brokerage firm advisors rate Archer Aviation Inc. (ACHR) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 0 of the 5 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the ACHR, a number of firms have released research notes about the stock. Raymond James stated their Outperform rating for the stock in a research note on July 27, 2022, with the firm’s price target at $8. JP Morgan coverage for the Archer Aviation Inc. (ACHR) stock in a research note released on April 28, 2022 offered a Overweight rating with a price target of $7. Deutsche Bank was of a view on April 11, 2022 that the stock is Buy, while Cantor Fitzgerald gave the stock Overweight rating on November 30, 2021, issuing a price target of $14.
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