Archer Aviation (NYSE:ACHR) Stock Price Down 2.8%

Archer Aviation Inc. (NYSE:ACHR)’s stock price fell 2.8% during trading on Wednesday . The company traded as low as $3.49 and last traded at $3.50. 1,521,211 shares traded hands during trading, a decline of 76% from the average session volume of 6,373,469 shares. The stock had previously closed at $3.60.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on ACHR shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a research note on Monday, July 22nd. JPMorgan Chase & Co. increased their price objective on shares of Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Barclays reduced their price objective on shares of Archer Aviation from $6.50 to $4.50 and set an “equal weight” rating for the company in a research note on Friday, May 17th. Finally, Benchmark reiterated a “buy” rating and issued a $12.00 price target on shares of Archer Aviation in a report on Friday, August 9th. One equities research 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 presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.30.

Archer Aviation Stock Down 2.2 %

The company has a debt-to-equity ratio of 0.08, a current ratio of 6.01 and a quick ratio of 6.01. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of -2.15 and a beta of 2.35. The business has a fifty day moving average price of $3.97 and a two-hundred day moving average price of $4.22.

Insiders Place Their Bets

In related news, major shareholder N.V. Stellantis purchased 2,982,089 shares of the firm’s stock in a transaction on Thursday, August 8th. The stock was bought at an average cost of $3.35 per share, with a total value of $9,989,998.15. Following the completion of the acquisition, the insider now owns 59,734,962 shares of the company’s stock, valued at approximately $200,112,122.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 27.17% of the stock is owned by insiders.

Institutional Trading of Archer Aviation

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Hollencrest Capital Management increased its holdings in shares of 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 buying an additional 3,000 shares during the last quarter. CWM LLC increased its stake in Archer Aviation by 62.0% during the second quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after acquiring an additional 3,559 shares during the last quarter. Csenge Advisory Group purchased a new stake in Archer Aviation in the second quarter valued at $39,000. Tidal Investments LLC acquired a new position in shares of Archer Aviation in the 1st quarter valued at $49,000. Finally, Choreo LLC purchased a new stake in Archer Aviation in the 2nd quarter valued at about $49,000. 59.34% of the stock is owned by institutional investors and hedge funds.

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.