Archer Aviation (NYSE:ACHR) Trading Down 2.4%

Archer Aviation Inc. (NYSE:ACHR)’s share price was down 2.4% on Tuesday . The stock traded as low as $3.19 and last traded at $3.20. Approximately 2,341,888 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 6,740,091 shares. The stock had previously closed at $3.28.

Analysts Set New Price Targets

A number of equities research analysts have commented on ACHR shares. HC Wainwright initiated coverage on Archer Aviation in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 target price on the stock. JPMorgan Chase & Co. upped their target price on shares of Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Benchmark reiterated a “buy” rating and set a $12.00 price target on shares of Archer Aviation in a research report 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 note on Monday. Finally, Barclays lowered their price objective on shares of Archer Aviation from $6.50 to $4.50 and set an “equal weight” rating for the company in a research report on Friday, May 17th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $9.00.

Archer Aviation Price Performance

The company’s 50-day moving average price is $4.03 and its 200-day moving average price is $4.00. The company has a quick ratio of 4.49, a current ratio of 4.49 and a debt-to-equity ratio of 0.13. The firm has a market cap of $1.07 billion, a price-to-earnings ratio of -2.02 and a beta of 2.33.

Archer Aviation (NYSE:ACHR) last released its earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.07. On average, equities research analysts forecast that Archer Aviation Inc. will post -1.33 EPS for the current year.

Insider Activity at Archer Aviation

In related news, major shareholder N.V. Stellantis purchased 2,982,089 shares of Archer Aviation stock in a transaction on Thursday, August 8th. The shares were bought at an average price of $3.35 per share, with a total value of $9,989,998.15. Following the transaction, the insider now directly owns 59,734,962 shares of the company’s stock, valued at $200,112,122.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 27.17% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

A number of large investors have recently modified their holdings of the company. Algert Global LLC purchased a new stake in shares of Archer Aviation during the 2nd quarter worth $76,000. Susquehanna Fundamental Investments LLC acquired a new stake in Archer Aviation in the second quarter valued at $62,000. The Manufacturers Life Insurance Company lifted its holdings in Archer Aviation by 42.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 120,870 shares of the company’s stock worth $425,000 after buying an additional 36,130 shares during the last quarter. Xponance Inc. acquired a new position in shares of Archer Aviation during the 2nd quarter worth about $51,000. Finally, DRW Securities LLC purchased a new position in shares of Archer Aviation in the 2nd quarter valued at about $68,000. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.