Archer Aviation (NYSE:ACHR) Stock Price Down 5.5%

Archer Aviation Inc. (NYSE:ACHR)’s stock price fell 5.5% during mid-day trading on Friday . The stock traded as low as $3.06 and last traded at $3.07. 4,248,578 shares changed hands during trading, a decline of 36% from the average session volume of 6,679,550 shares. The stock had previously closed at $3.25.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ACHR. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a research report on Tuesday. JPMorgan Chase & Co. boosted their price objective on Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Benchmark restated a “buy” rating and issued a $12.00 price objective on shares of Archer Aviation in a research report on Friday, August 9th. Barclays lowered their price objective on Archer Aviation from $6.50 to $4.50 and set an “equal weight” rating on the stock in a research report on Friday, May 17th. Finally, HC Wainwright began coverage on Archer Aviation in a research report on Tuesday. They issued a “buy” rating and a $12.50 price objective on the stock. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $9.00.

Archer Aviation Stock Down 4.6 %

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 company has a market capitalization of $1.00 billion, a PE ratio of -1.86 and a beta of 2.35. The business has a 50-day moving average of $4.06 and a 200 day moving average of $4.05.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.07. Equities research analysts predict that Archer Aviation Inc. will post -1.2 earnings per share for the current year.

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, major shareholder N.V. Stellantis bought 2,982,089 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were purchased at an average price of $3.35 per share, with a total value of $9,989,998.15. Following the completion of the purchase, the insider now owns 59,734,962 shares in the company, valued at approximately $200,112,122.70. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 27.17% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Algert Global LLC bought a new position in shares of Archer Aviation during the second quarter valued at approximately $76,000. Susquehanna Fundamental Investments LLC bought a new position in Archer Aviation in the second quarter worth approximately $62,000. The Manufacturers Life Insurance Company grew its stake in Archer Aviation by 42.6% in the second quarter. The Manufacturers Life Insurance Company now owns 120,870 shares of the company’s stock worth $425,000 after purchasing an additional 36,130 shares in the last quarter. Xponance Inc. bought a new position in Archer Aviation in the second quarter worth approximately $51,000. Finally, DRW Securities LLC bought a new position in Archer Aviation in the second quarter worth approximately $68,000. 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.