Archer Aviation (NYSE:ACHR) Stock Price Down 2.4%

Archer Aviation Inc. (NYSE:ACHR)’s share price dropped 2.4% during mid-day trading on Tuesday . The stock traded as low as $3.19 and last traded at $3.20. Approximately 2,341,888 shares were traded during 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 analysts recently commented on the company. Benchmark restated a “buy” rating and issued a $12.00 price objective on shares of Archer Aviation in a report on Friday, August 9th. JPMorgan Chase & Co. upped their price objective on shares of Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a report on Monday. HC Wainwright initiated coverage on shares of Archer Aviation in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price target on the stock. Finally, Barclays cut their price objective on 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 investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $9.00.

Archer Aviation Price Performance

The company’s fifty day simple moving average is $4.04 and its 200-day simple moving average is $4.01. The stock has a market cap of $1.17 billion, a P/E ratio of -1.95 and a beta of 2.33. The company has a current ratio of 4.49, a quick ratio of 4.49 and a debt-to-equity ratio of 0.13.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Thursday, August 8th. The company reported ($0.31) EPS for the quarter, beating the consensus estimate of ($0.38) by $0.07. As a group, sell-side analysts forecast that Archer Aviation Inc. will post -1.33 EPS for the current year.

Insider Buying and Selling at Archer Aviation

In other news, major shareholder N.V. Stellantis acquired 2,982,089 shares of Archer Aviation stock in a transaction on Thursday, August 8th. The shares were purchased at an average price of $3.35 per share, with a total value of $9,989,998.15. Following the acquisition, the insider now owns 59,734,962 shares in the company, valued at $200,112,122.70. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 27.17% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

A number of institutional investors and hedge funds have recently modified their holdings of ACHR. Alpine Global Management LLC acquired a new position in Archer Aviation during the first quarter valued at approximately $5,782,000. Intellectus Partners LLC grew its holdings in shares of Archer Aviation by 136.1% in the 2nd quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock valued at $3,187,000 after buying an additional 523,024 shares during the period. Bank of New York Mellon Corp increased its position in shares of Archer Aviation by 23.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock valued at $4,651,000 after buying an additional 254,460 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Archer Aviation by 19.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,386,406 shares of the company’s stock worth $8,513,000 after buying an additional 228,487 shares during the period. Finally, Raymond James & Associates lifted its holdings in Archer Aviation by 44.4% during the second quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock worth $2,201,000 after acquiring an additional 192,120 shares in the last quarter. 59.34% of the stock is owned by 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.