Archer Aviation (NYSE:ACHR) Shares Down 0.6% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s share price dropped 0.6% during mid-day trading on Tuesday . The company traded as low as $3.04 and last traded at $3.06. Approximately 2,699,949 shares traded hands during trading, a decline of 63% from the average daily volume of 7,329,794 shares. The stock had previously closed at $3.08.

Analysts Set New Price Targets

ACHR has been the subject of a number of recent analyst reports. 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. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a research report on Monday, October 7th. HC Wainwright started coverage on shares of Archer Aviation in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 price objective for the company. Finally, JPMorgan Chase & Co. raised their price objective 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 analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $9.00.

Archer Aviation Price Performance

The stock has a market cap of $1.03 billion, a price-to-earnings ratio of -1.96 and a beta of 2.31. 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’s 50-day simple moving average is $3.32 and its two-hundred day simple moving average is $3.70.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.38) by $0.07. On average, sell-side analysts expect that Archer Aviation Inc. will post -1.2 EPS for the current fiscal year.

Insider Activity

In other Archer Aviation news, major shareholder N.V. Stellantis bought 2,982,089 shares of Archer Aviation stock in a transaction dated Thursday, August 8th. The shares were bought at an average price 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 $200,112,122.70. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 27.17% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Hollencrest Capital Management boosted its stake in Archer Aviation by 50.0% during the 2nd 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. CWM LLC boosted its stake in Archer Aviation by 62.0% during the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after acquiring an additional 3,559 shares during the last quarter. Code Waechter LLC bought a new position in Archer Aviation during the 3rd quarter worth approximately $30,000. Azzad Asset Management Inc. ADV bought a new position in Archer Aviation during the 3rd quarter worth approximately $31,000. Finally, Tidal Investments LLC bought a new position in Archer Aviation during the 1st quarter worth approximately $49,000. 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.