Archer Aviation (NYSE:ACHR) Stock Price Down 5.5%

Archer Aviation Inc. (NYSE:ACHR)’s stock price traded down 5.5% during mid-day trading on Friday . The stock traded as low as $3.06 and last traded at $3.07. 4,248,578 shares changed hands during mid-day trading, a decline of 36% from the average session volume of 6,679,550 shares. The stock had previously closed at $3.25.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a research note on Tuesday. Barclays dropped their target price on Archer Aviation from $6.50 to $4.50 and set an “equal weight” rating on the stock in a research report on Friday, May 17th. Benchmark reaffirmed a “buy” rating and set a $12.00 target price on shares of Archer Aviation in a research report on Friday, August 9th. JPMorgan Chase & Co. increased their target price on Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Finally, HC Wainwright started coverage on Archer Aviation in a research report on Tuesday. They set a “buy” rating and a $12.50 target price on the stock. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $9.00.

Archer Aviation Stock Performance

The firm has a fifty day moving average price of $4.06 and a 200 day moving average price of $4.05. The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.49 and a current ratio of 4.49. The stock has a market cap of $1.00 billion, a PE ratio of -1.86 and a beta of 2.35.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.31) EPS for the quarter, beating the consensus estimate of ($0.38) by $0.07. Research analysts forecast that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Insider Activity

In other Archer Aviation news, major shareholder N.V. Stellantis acquired 2,982,089 shares of the firm’s stock in a transaction dated 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 acquisition, the insider now owns 59,734,962 shares in the company, valued at approximately $200,112,122.70. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 27.17% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hollencrest Capital Management raised its stake in Archer Aviation by 50.0% in the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after acquiring an additional 3,000 shares during the last quarter. Hsbc Holdings PLC grew its position 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 during the period. CWM LLC grew its position in Archer Aviation by 62.0% during the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after purchasing an additional 3,559 shares during the period. Price T Rowe Associates Inc. MD grew its position in Archer Aviation by 8.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 69,387 shares of the company’s stock worth $321,000 after purchasing an additional 5,611 shares during the period. Finally, Arizona State Retirement System grew its position in Archer Aviation by 13.7% during the 2nd quarter. Arizona State Retirement System now owns 59,593 shares of the company’s stock worth $210,000 after purchasing an additional 7,184 shares during the period. Hedge funds and other 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.