Archer Aviation (NYSE:ACHR) Stock Price Down 1.3% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s stock price traded down 1.3% during mid-day trading on Tuesday . The company traded as low as $2.98 and last traded at $3.02. 2,983,503 shares changed hands during trading, a decline of 59% from the average session volume of 7,343,225 shares. The stock had previously closed at $3.06.

Analyst Ratings Changes

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

Archer Aviation Price Performance

The stock has a market capitalization of $1.01 billion, a PE ratio of -1.91 and a beta of 2.31. The firm’s fifty day moving average price is $3.27 and its two-hundred day moving average price is $3.66. The company has a quick ratio of 4.49, a current ratio of 4.49 and a debt-to-equity ratio of 0.13.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Thursday, August 8th. The company reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.07. On average, equities analysts predict that Archer Aviation Inc. will post -1.2 earnings per share for the current year.

Insider Activity at Archer Aviation

In other news, major shareholder N.V. Stellantis bought 2,982,089 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were acquired at an average cost of $3.35 per share, with a total value of $9,989,998.15. Following the completion of the transaction, the insider now owns 59,734,962 shares of the company’s stock, valued at approximately $200,112,122.70. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 27.17% of the stock is owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

A number of hedge funds have recently modified their holdings of the business. Axxcess Wealth Management LLC lifted its position in Archer Aviation by 48.0% during the first quarter. Axxcess Wealth Management LLC now owns 29,961 shares of the company’s stock valued at $138,000 after purchasing an additional 9,713 shares in the last quarter. Kingsview Wealth Management LLC lifted its position in shares of Archer Aviation by 8.3% during the 1st quarter. Kingsview Wealth Management LLC now owns 113,509 shares of the company’s stock valued at $524,000 after buying an additional 8,717 shares in the last quarter. CreativeOne Wealth LLC bought a new position in shares of Archer Aviation during the 1st quarter valued at approximately $117,000. Cetera Advisors LLC purchased a new stake in Archer Aviation in the 1st quarter worth approximately $80,000. Finally, Blair William & Co. IL bought a new stake in Archer Aviation during the 1st quarter worth approximately $266,000. 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.