Archer Aviation (NYSE:ACHR) Downgraded by JPMorgan Chase & Co. to “Neutral”

Archer Aviation (NYSE:ACHR) was downgraded by analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research report issued on Friday,Briefing.com Automated Import reports. They currently have a $9.00 price objective on the stock, up from their prior price objective of $6.00. JPMorgan Chase & Co.‘s target price would indicate a potential downside of 14.29% from the stock’s current price.

A number of other brokerages have also weighed in on ACHR. Cantor Fitzgerald raised their price objective on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Canaccord Genuity Group upped their target price on shares of Archer Aviation from $11.00 to $14.00 and gave the company a “buy” rating in a research report on Wednesday. HC Wainwright reiterated a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a research report on Monday, December 16th. Finally, Needham & Company LLC assumed coverage on Archer Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.38.

Archer Aviation Stock Performance

Shares of ACHR opened at $10.50 on Friday. The business has a 50-day simple moving average of $7.39 and a two-hundred day simple moving average of $4.96. The stock has a market cap of $4.47 billion, a price-to-earnings ratio of -7.95 and a beta of 3.15. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. Archer Aviation has a 52 week low of $2.82 and a 52 week high of $12.48.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter last year, the firm posted ($0.19) earnings per share. On average, analysts expect that Archer Aviation will post -1.28 EPS for the current year.

Insider Transactions at Archer Aviation

In other news, Director Deborah Diaz acquired 5,150 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were bought at an average price of $7.48 per share, with a total value of $38,522.00. Following the completion of the purchase, the director now directly owns 98,886 shares in the company, valued at $739,667.28. This trade represents a 5.49 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Adam D. Goldstein sold 805,170 shares of Archer Aviation stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total value of $3,727,937.10. Following the sale, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at approximately $19,432,739.68. This trade represents a 16.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 776,791 shares of company stock worth $5,139,699 and have sold 1,812,899 shares worth $11,601,707. Company insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds and other institutional investors have recently made changes to their positions in ACHR. Miller Wealth Advisors LLC bought a new stake in Archer Aviation during the 3rd quarter valued at $26,000. Code Waechter LLC bought a new stake in Archer Aviation during the third quarter valued at about $30,000. Azzad Asset Management Inc. ADV bought a new stake in Archer Aviation during the third quarter valued at about $31,000. Hollencrest Capital Management grew its stake in Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after purchasing an additional 3,000 shares during the last quarter. Finally, Cyndeo Wealth Partners LLC bought a new position in Archer Aviation in the third quarter worth about $36,000. 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.