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

JPMorgan Chase & Co. lowered shares of Archer Aviation (NYSE:ACHR) from an overweight rating to a neutral rating in a research report released on Friday morning, MarketBeat reports. The brokerage currently has $9.00 target price on the stock, up from their prior target price of $6.00.

A number of other brokerages also recently 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 note on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft lifted their price target 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. Needham & Company LLC began coverage on shares of Archer Aviation in a report on Tuesday, November 19th. They set a “buy” rating and a $11.00 price objective for the company. HC Wainwright reiterated a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a research note on Monday, December 16th. Finally, Canaccord Genuity Group boosted their target price on shares of Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Archer Aviation presently has an average rating of “Moderate Buy” and an average price target of $11.38.

Archer Aviation Trading Down 14.6 %

Shares of NYSE:ACHR opened at $8.95 on Friday. Archer Aviation has a 12-month low of $2.82 and a 12-month high of $12.48. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $3.81 billion, a P/E ratio of -6.78 and a beta of 3.15. The firm has a fifty day moving average of $7.65 and a two-hundred day moving average of $5.04.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter in the previous year, the business earned ($0.19) earnings per share. On average, equities analysts expect that Archer Aviation will post -1.28 EPS for the current fiscal year.

Insider Buying and Selling

In other Archer Aviation news, CTO Thomas Paul Muniz sold 50,000 shares of the business’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total transaction of $600,000.00. Following the sale, the chief technology officer now directly owns 1,070,360 shares of the company’s stock, valued at $12,844,320. The trade was a 4.46 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Deborah Diaz acquired 5,150 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was bought at an average price of $7.48 per share, with a total value of $38,522.00. Following the acquisition, the director now directly owns 98,886 shares in the company, valued at $739,667.28. This represents a 5.49 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 776,791 shares of company stock worth $5,139,699 and have sold 1,862,899 shares worth $12,201,707. 9.75% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

Institutional investors have recently bought and sold shares of the business. Barclays PLC lifted its position in Archer Aviation by 272.7% during the third quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after acquiring an additional 312,440 shares during the last quarter. HBK Investments L P bought a new stake in Archer Aviation in the 3rd quarter valued at $6,818,000. Benjamin Edwards Inc. grew its holdings in Archer Aviation by 12,656.1% in the 3rd quarter. Benjamin Edwards Inc. now owns 106,258 shares of the company’s stock valued at $322,000 after buying an additional 105,425 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Archer Aviation by 5.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock worth $5,547,000 after buying an additional 94,430 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Archer Aviation by 5.6% during the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock worth $15,487,000 after buying an additional 268,896 shares in the last quarter. Institutional investors and hedge funds own 59.34% of the company’s stock.

About Archer Aviation

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.