Archer Aviation (NYSE:ACHR) Trading Down 1.6%

Archer Aviation Inc. (NYSE:ACHR) shares were down 1.6% on Wednesday . The stock traded as low as $3.06 and last traded at $3.08. Approximately 2,676,065 shares were traded during trading, a decline of 61% from the average daily volume of 6,845,875 shares. The stock had previously closed at $3.13.

Analysts Set New Price Targets

Several analysts have commented on the stock. Benchmark reaffirmed a “buy” rating and issued a $12.00 price objective on shares of Archer Aviation in a research report on Friday, August 9th. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a research note on Monday. HC Wainwright assumed coverage on Archer Aviation in a report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price objective for the company. Finally, JPMorgan Chase & Co. upped their price objective on shares of Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Archer Aviation currently has an average rating of “Moderate Buy” and an average target price of $9.00.

Archer Aviation Stock Performance

The company has a 50-day moving average price of $3.93 and a two-hundred day moving average price of $3.95. The company has a quick ratio of 4.49, a current ratio of 4.49 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $990.09 million, a P/E ratio of -1.89 and a beta of 2.32.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.38) by $0.07. Equities analysts expect that Archer Aviation Inc. will post -1.33 earnings per share for the current year.

Insider Buying and Selling

In other Archer Aviation news, major shareholder N.V. Stellantis purchased 2,982,089 shares of the 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 directly owns 59,734,962 shares in the company, valued at approximately $200,112,122.70. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 27.17% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Algert Global LLC bought a new position in Archer Aviation during the second quarter valued at approximately $76,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of Archer Aviation in the second quarter worth about $62,000. The Manufacturers Life Insurance Company grew its stake in shares of Archer Aviation by 42.6% in the second quarter. The Manufacturers Life Insurance Company now owns 120,870 shares of the company’s stock worth $425,000 after purchasing an additional 36,130 shares during the last quarter. Xponance Inc. bought a new position in Archer Aviation during the 2nd quarter valued at approximately $51,000. Finally, DRW Securities LLC bought a new position in Archer Aviation during the 2nd quarter valued at approximately $68,000. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.