Archer Aviation (NYSE:ACHR) Trading Down 1.6%

Shares of Archer Aviation Inc. (NYSE:ACHR) dropped 1.6% during trading on Monday . The company traded as low as $3.55 and last traded at $3.58. Approximately 2,654,645 shares traded hands during trading, a decline of 58% from the average daily volume of 6,358,735 shares. The stock had previously closed at $3.64.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on ACHR shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a research note on Monday, July 22nd. Barclays lowered their price target on shares of Archer Aviation from $6.50 to $4.50 and set an “equal weight” rating for the company in a report on Friday, May 17th. JPMorgan Chase & Co. raised their price objective on Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Finally, Benchmark reissued a “buy” rating and set a $12.00 target price on shares of Archer Aviation in a research report on Friday. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Archer Aviation presently has an average rating of “Moderate Buy” and an average target price of $8.30.

Archer Aviation Trading Down 2.5 %

The company has a current ratio of 6.01, a quick ratio of 6.01 and a debt-to-equity ratio of 0.08. The firm has a market cap of $1.15 billion, a PE ratio of -2.20 and a beta of 2.35. The company has a 50-day simple moving average of $3.96 and a 200 day simple moving average of $4.24.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.08). During the same period in the prior year, the business posted ($0.46) earnings per share. As a group, sell-side analysts forecast that Archer Aviation Inc. will post -1.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Archer Aviation news, major shareholder N.V. Stellantis purchased 2,982,089 shares of the firm’s stock in a transaction dated Thursday, August 8th. The shares were purchased at an average cost of $3.35 per share, with a total value of $9,989,998.15. Following the completion of the purchase, the insider now owns 59,734,962 shares in the company, valued at approximately $200,112,122.70. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 27.17% of the stock is owned by company insiders.

Institutional Trading of Archer Aviation

A number of hedge funds and other institutional investors have recently modified their holdings of ACHR. Arizona State Retirement System raised its holdings in Archer Aviation by 41.8% in the fourth quarter. Arizona State Retirement System now owns 52,216 shares of the company’s stock valued at $321,000 after acquiring an additional 15,385 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in Archer Aviation by 11.2% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 111,163 shares of the company’s stock valued at $693,000 after acquiring an additional 11,163 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Archer Aviation during the 4th quarter worth $294,000. Herold Advisors Inc. boosted its holdings in Archer Aviation by 280.2% during the fourth quarter. Herold Advisors Inc. now owns 64,954 shares of the company’s stock worth $399,000 after buying an additional 47,872 shares in the last quarter. Finally, Sargent Investment Group LLC grew its position in Archer Aviation by 6.3% during the fourth quarter. Sargent Investment Group LLC now owns 203,130 shares of the company’s stock worth $1,247,000 after buying an additional 11,980 shares during the period. 59.34% of the stock is owned by institutional investors and hedge funds.

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.