Archer Aviation (NYSE:ACHR) Downgraded to “Sell” at Zacks Investment Research

Archer Aviation (NYSE:ACHRGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Thursday, Zacks.com reports.

According to Zacks, “Archer Aviation Inc. is involved in designing and developing electric vertical takeoff and landing aircraft for use in urban air mobility. Archer Aviation Inc., formerly known as Atlas Crest Investment Corp., is based in NEW YORK. “

Several other equities analysts have also recently commented on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Archer Aviation in a research report on Monday, April 11th. They set a “buy” rating and a $10.00 price target on the stock. JPMorgan Chase & Co. assumed coverage on shares of Archer Aviation in a report on Thursday, April 28th. They issued an “overweight” rating and a $7.00 target price on the stock. Finally, Benchmark cut their target price on shares of Archer Aviation to $12.00 and set a “na” rating on the stock in a report on Thursday, May 19th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $8.79.

Shares of ACHR stock traded up $0.59 during trading hours on Thursday, hitting $4.86. 186,824 shares of the company were exchanged, compared to its average volume of 2,141,908. Archer Aviation has a one year low of $2.61 and a one year high of $10.72. The business’s 50-day simple moving average is $4.09 and its two-hundred day simple moving average is $4.44.

In related news, major shareholder Marc E. Lore acquired 249,141 shares of the stock in a transaction that occurred on Monday, March 7th. The shares were acquired at an average price of $3.10 per share, for a total transaction of $772,337.10. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Marc E. Lore acquired 41,405 shares of the stock in a transaction that occurred on Thursday, March 10th. The shares were bought 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.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Greycroft LP acquired a new position in Archer Aviation in the fourth quarter worth approximately $37,853,000. ARK Investment Management LLC grew its position in Archer Aviation by 97.1% in the fourth quarter. ARK Investment Management LLC now owns 11,306,020 shares of the company’s stock worth $68,288,000 after buying an additional 5,568,451 shares during the last quarter. Invesco Ltd. acquired a new position in Archer Aviation in the fourth quarter worth approximately $20,444,000. Third Point LLC acquired a new position in Archer Aviation in the third quarter worth approximately $22,200,000. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its position in Archer Aviation by 76.5% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,155,038 shares of the company’s stock worth $25,096,000 after buying an additional 1,800,936 shares during the last quarter. Institutional investors and hedge funds own 37.12% of the company’s stock.

Archer Aviation Company Profile (Get Rating)

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.

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