Archer Aviation (NYSE:ACHR) Stock Price Down 0.3%

Archer Aviation Inc. (NYSE:ACHR)’s stock price dropped 0.3% on Monday . The company traded as low as $3.05 and last traded at $3.06. Approximately 2,769,741 shares were traded during trading, a decline of 61% from the average daily volume of 7,055,730 shares. The stock had previously closed at $3.07.

Wall Street Analyst Weigh In

ACHR has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. increased their price target on shares of Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Benchmark reissued a “buy” rating and issued a $12.00 price objective on shares of Archer Aviation in a research report on Friday, August 9th. HC Wainwright began coverage on shares of Archer Aviation in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price objective for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a report on Monday. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $9.00.

Archer Aviation Trading Down 1.3 %

The company has a market capitalization of $980.38 million, a price-to-earnings ratio of -1.88 and a beta of 2.32. The firm has a 50-day moving average price of $3.63 and a 200-day moving average price of $3.86. 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) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.07. As a group, sell-side analysts predict that Archer Aviation Inc. will post -1.33 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder N.V. Stellantis bought 2,982,089 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were acquired at an average cost of $3.35 per share, for a total transaction of $9,989,998.15. Following the acquisition, the insider now directly owns 59,734,962 shares of the company’s stock, valued at approximately $200,112,122.70. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 27.17% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Alpine Global Management LLC acquired a new stake in Archer Aviation during the first quarter valued at $5,782,000. Intellectus Partners LLC lifted its stake in Archer Aviation by 136.1% during the second quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock worth $3,187,000 after purchasing an additional 523,024 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Archer Aviation by 23.9% during the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after buying an additional 254,460 shares in the last quarter. Raymond James & Associates increased its holdings in shares of 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 buying an additional 192,120 shares in the last quarter. Finally, DNB Asset Management AS increased its holdings in shares of Archer Aviation by 195.1% during the second quarter. DNB Asset Management AS now owns 263,063 shares of the company’s stock worth $926,000 after buying an additional 173,919 shares in the last quarter. Hedge funds and other 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.