Archer Aviation (NYSE:ACHR) Shares Down 1.7% – Here’s What Happened

Shares of Archer Aviation Inc. (NYSE:ACHR) fell 1.7% during trading on Friday . The stock traded as low as $2.87 and last traded at $2.89. 5,320,955 shares traded hands during mid-day trading, a decline of 26% from the average session volume of 7,234,604 shares. The stock had previously closed at $2.94.

Analyst Upgrades and Downgrades

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

Archer Aviation Price Performance

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 business has a 50-day moving average price of $3.51 and a two-hundred day moving average price of $3.82. The company has a market capitalization of $977.15 million, a price-to-earnings ratio of -1.77 and a beta of 2.31.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.07. As a group, research analysts anticipate that Archer Aviation Inc. will post -1.33 EPS for the current year.

Insider Buying and Selling

In other Archer Aviation news, major shareholder N.V. Stellantis acquired 2,982,089 shares of Archer Aviation stock in a transaction on Thursday, August 8th. The stock was purchased at an average price of $3.35 per share, for a total transaction of $9,989,998.15. Following the purchase, the insider now directly owns 59,734,962 shares of the company’s stock, valued at $200,112,122.70. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 27.17% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ACHR. Hollencrest Capital Management lifted its holdings in Archer Aviation by 50.0% during the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after purchasing an additional 3,000 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in Archer Aviation by 14.8% during the 2nd quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock worth $89,000 after purchasing an additional 3,341 shares in the last quarter. CWM LLC raised its holdings in shares of Archer Aviation by 62.0% in the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after acquiring an additional 3,559 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Archer Aviation by 8.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 69,387 shares of the company’s stock valued at $321,000 after acquiring an additional 5,611 shares in the last quarter. Finally, Arizona State Retirement System raised its holdings in shares of Archer Aviation by 13.7% in the 2nd quarter. Arizona State Retirement System now owns 59,593 shares of the company’s stock valued at $210,000 after acquiring an additional 7,184 shares in the last quarter. Institutional investors 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.