Archer Aviation (NYSE:ACHR) Shares Down 4.2%

Archer Aviation Inc. (NYSE:ACHR) traded down 4.2% on Monday . The company traded as low as $3.15 and last traded at $3.17. 3,428,292 shares were traded during trading, a decline of 50% from the average session volume of 6,789,127 shares. The stock had previously closed at $3.31.

Wall Street Analysts Forecast Growth

ACHR has been the topic of several research analyst reports. Benchmark reaffirmed a “buy” rating and set a $12.00 price objective on shares of Archer Aviation in a research note on Friday, August 9th. JPMorgan Chase & Co. increased their target price on Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. HC Wainwright began coverage on shares of Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price target on the stock. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a research report on Monday. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $9.00.

Archer Aviation Stock Down 6.3 %

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 firm has a market cap of $1.00 billion, a price-to-earnings ratio of -1.90 and a beta of 2.32. The firm has a 50 day moving average price of $3.98 and a 200-day moving average price of $3.97.

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. As a group, equities analysts predict that Archer Aviation Inc. will post -1.33 EPS for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In related news, major shareholder N.V. Stellantis acquired 2,982,089 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The stock was acquired at an average cost of $3.35 per share, with a total value of $9,989,998.15. Following the completion of the purchase, the insider now directly owns 59,734,962 shares in the company, valued at $200,112,122.70. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 27.17% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. boosted its position in shares of Archer Aviation by 50.0% during the fourth quarter. Victory Capital Management Inc. now owns 24,748 shares of the company’s stock worth $152,000 after purchasing an additional 8,246 shares in the last quarter. Swiss National Bank grew its holdings in shares of Archer Aviation by 29.5% during the fourth quarter. Swiss National Bank now owns 368,100 shares of the company’s stock worth $2,260,000 after buying an additional 83,800 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Archer Aviation by 19.7% in the 4th 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. Dynamic Technology Lab Private Ltd bought a new position in shares of Archer Aviation during the fourth quarter worth approximately $230,000. Finally, Aigen Investment Management LP bought a new position in Archer Aviation during the 4th quarter worth $411,000. Institutional investors and hedge funds 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.