Archer Aviation (NYSE:ACHR) Stock Price Down 5%

Archer Aviation Inc. (NYSE:ACHR)’s share price traded down 5% during mid-day trading on Thursday . The stock traded as low as $3.04 and last traded at $3.04. 3,163,986 shares traded hands during trading, a decline of 56% from the average session volume of 7,190,564 shares. The stock had previously closed at $3.20.

Wall Street Analyst Weigh In

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

Archer Aviation Stock Performance

The company has a market capitalization of $960.97 million, a price-to-earnings ratio of -1.85 and a beta of 2.32. The company has a current ratio of 4.49, a quick ratio of 4.49 and a debt-to-equity ratio of 0.13. The stock has a 50-day simple moving average of $3.54 and a 200-day simple moving average of $3.83.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.31) earnings per share for the quarter, topping the consensus estimate of ($0.38) by $0.07. On average, analysts anticipate that Archer Aviation Inc. will post -1.33 earnings per share for the current year.

Insider Transactions at Archer Aviation

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

Hedge Funds Weigh In On Archer Aviation

A number of large investors have recently bought and sold shares of ACHR. Hollencrest Capital Management raised its holdings in shares of Archer Aviation by 50.0% during the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after buying an additional 3,000 shares during the last quarter. CWM LLC raised its holdings in shares of Archer Aviation by 62.0% during the second quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after buying an additional 3,559 shares during the last quarter. Csenge Advisory Group bought a new stake in shares of Archer Aviation during the second quarter valued at approximately $39,000. Tidal Investments LLC bought a new stake in shares of Archer Aviation during the first quarter valued at approximately $49,000. Finally, Choreo LLC bought a new stake in shares of Archer Aviation during the second quarter valued at approximately $49,000. 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.