Archer Aviation (NYSE:ACHR) Trading Down 0.9% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s share price fell 0.9% during mid-day trading on Wednesday . The company traded as low as $3.14 and last traded at $3.22. 4,640,207 shares were traded during mid-day trading, a decline of 40% from the average session volume of 7,706,835 shares. The stock had previously closed at $3.25.

Analyst Ratings Changes

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

Archer Aviation Price Performance

The company has a 50-day moving average of $3.17 and a 200-day moving average of $3.61. The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of -2.64 and a beta of 2.29. The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.49 and a current ratio of 4.49.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.07. As a group, equities research analysts expect that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder N.V. Stellantis bought 2,982,089 shares of the stock in a transaction on Thursday, August 8th. The stock was purchased at an average cost of $3.35 per share, with a total value of $9,989,998.15. Following the purchase, the insider now owns 59,734,962 shares of the company’s stock, valued at approximately $200,112,122.70. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. 12.80% of the stock is owned by corporate insiders.

Institutional Trading of Archer Aviation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Miller Wealth Advisors LLC purchased a new stake in shares of Archer Aviation during the 3rd quarter valued at $26,000. Code Waechter LLC acquired a new position in Archer Aviation in the third quarter valued at $30,000. Azzad Asset Management Inc. ADV purchased a new stake in Archer Aviation during the third quarter valued at about $31,000. Hollencrest Capital Management increased its stake in Archer Aviation by 50.0% during the second 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. Finally, CWM LLC raised its holdings in shares of Archer Aviation by 62.0% in 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. Hedge funds and other institutional investors 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.