Archer Aviation (NYSE:ACHR) Stock Price Down 2.4%

Archer Aviation Inc. (NYSE:ACHR)’s share price traded down 2.4% during trading on Tuesday . The stock traded as low as $3.19 and last traded at $3.20. 2,341,888 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 6,740,091 shares. The stock had previously closed at $3.28.

Analysts Set New Price Targets

Several analysts have recently weighed in on ACHR shares. JPMorgan Chase & Co. boosted their price objective on shares of 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 reissued an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a research report on Monday. Benchmark restated a “buy” rating and issued a $12.00 price objective on shares of Archer Aviation in a research note on Friday, August 9th. HC Wainwright initiated coverage on Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 target price on the stock. Finally, Barclays decreased their target price on Archer Aviation from $6.50 to $4.50 and set an “equal weight” rating for the company in a research report on Friday, May 17th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.00.

Archer Aviation Stock Performance

The business’s 50 day simple moving average is $4.03 and its 200 day simple moving average is $4.00. The company has a debt-to-equity ratio of 0.13, a current ratio of 4.49 and a quick ratio of 4.49. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of -2.02 and a beta of 2.33.

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

Insider Buying and Selling at Archer Aviation

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Alpine Global Management LLC purchased a new position in Archer Aviation in the first quarter worth $5,782,000. Intellectus Partners LLC grew its stake in shares of Archer Aviation by 136.1% during the 2nd quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock worth $3,187,000 after purchasing an additional 523,024 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Archer Aviation by 23.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock valued at $4,651,000 after purchasing an additional 254,460 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Archer Aviation by 19.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,386,406 shares of the company’s stock valued at $8,513,000 after purchasing an additional 228,487 shares during the period. Finally, Raymond James & Associates boosted its holdings in Archer Aviation by 44.4% during the second quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock worth $2,201,000 after buying an additional 192,120 shares in the last quarter. 59.34% of the stock is currently 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.