Archer Aviation (NYSE:ACHR) Stock Price Down 3.7% – Here’s What Happened

Shares of Archer Aviation Inc. (NYSE:ACHRGet Free Report) were down 3.7% during trading on Thursday . The company traded as low as $3.16 and last traded at $3.16. Approximately 3,507,846 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 7,657,550 shares. The stock had previously closed at $3.28.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on ACHR shares. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a research note on Monday, October 7th. JPMorgan Chase & Co. lifted their target price on Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Benchmark restated a “buy” rating and issued a $12.00 target price on shares of Archer Aviation in a research note on Friday, August 9th. Finally, HC Wainwright initiated coverage on Archer Aviation in a report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective for the company. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $9.00.

Read Our Latest Research Report on Archer Aviation

Archer Aviation Stock Performance

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 fifty day moving average of $3.22 and a 200 day moving average of $3.63. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of -2.58 and a beta of 2.31.

Archer Aviation (NYSE:ACHRGet Free Report) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.07. On average, sell-side analysts anticipate that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Insider Activity at Archer Aviation

In other news, major shareholder N.V. Stellantis acquired 2,982,089 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were bought at an average cost 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. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 12.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Archer Aviation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Miller Wealth Advisors LLC acquired a new position in shares of Archer Aviation in the third quarter valued at approximately $26,000. Vestor Capital LLC purchased a new stake in Archer Aviation during the 3rd quarter worth about $61,000. Fullcircle Wealth LLC raised its position in Archer Aviation by 138.0% in the 3rd quarter. Fullcircle Wealth LLC now owns 47,601 shares of the company’s stock valued at $144,000 after purchasing an additional 27,601 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its stake in shares of Archer Aviation by 13.5% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 37,820 shares of the company’s stock valued at $115,000 after buying an additional 4,505 shares during the period. Finally, PFG Investments LLC increased its stake in shares of Archer Aviation by 36.0% during the third quarter. PFG Investments LLC now owns 19,629 shares of the company’s stock worth $59,000 after buying an additional 5,200 shares during the period. Institutional investors and hedge funds own 59.34% of the company’s stock.

Archer Aviation Company Profile

(Get Free Report)

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.

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