Archer Aviation (NYSE:ACHR) Shares Down 3.8% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR)’s stock price dropped 3.8% on Tuesday . The company traded as low as $3.25 and last traded at $3.28. Approximately 4,533,688 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 7,600,999 shares. The stock had previously closed at $3.41.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ACHR. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price objective on shares of Archer Aviation in a research note on Monday, October 7th. Benchmark reiterated a “buy” rating and set a $12.00 target price on shares of Archer Aviation in a research report on Friday, August 9th. JPMorgan Chase & Co. boosted 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. Finally, HC Wainwright assumed coverage on shares of Archer Aviation in a report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective for the company. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $9.00.

Archer Aviation Trading Down 4.1 %

The company’s 50-day moving average is $3.23 and its 200-day moving average is $3.63. The company has a debt-to-equity ratio of 0.13, a quick ratio of 4.49 and a current ratio of 4.49. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of -2.01 and a beta of 2.31.

Archer Aviation (NYSE:ACHR) last announced its 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. On average, research analysts predict that Archer Aviation Inc. will post -1.2 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder N.V. Stellantis bought 2,982,089 shares of the stock in a transaction dated Thursday, August 8th. The stock was bought 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. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 27.17% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Alpine Global Management LLC bought a new stake in shares of Archer Aviation during the first quarter worth approximately $5,782,000. Intellectus Partners LLC grew its holdings in 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 acquiring an additional 523,024 shares during the period. Bank of New York Mellon Corp raised its position in shares of Archer Aviation by 23.9% during 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 acquiring an additional 254,460 shares during the last quarter. Raymond James & Associates lifted its stake in shares of Archer Aviation by 44.4% in the 2nd quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock valued at $2,201,000 after purchasing an additional 192,120 shares during the period. Finally, DNB Asset Management AS lifted its stake in shares of Archer Aviation by 195.1% in the 2nd quarter. DNB Asset Management AS now owns 263,063 shares of the company’s stock valued at $926,000 after purchasing an additional 173,919 shares during the period. Institutional investors own 59.34% of the company’s stock.

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.