Archer Aviation (NYSE:ACHR) Trading Down 3.7% – What’s Next?

Shares of Archer Aviation Inc. (NYSE:ACHR) dropped 3.7% during mid-day trading on Thursday . The stock traded as low as $3.16 and last traded at $3.16. Approximately 3,507,846 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 7,657,550 shares. The stock had previously closed at $3.28.

Wall Street Analyst Weigh In

ACHR has been the topic of several analyst reports. HC Wainwright began coverage on Archer Aviation in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 target price on the stock. JPMorgan Chase & Co. lifted their price objective on Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Cantor Fitzgerald reissued an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a report on Monday, October 7th. Finally, Benchmark reaffirmed a “buy” rating and set a $12.00 price objective on shares of Archer Aviation in a report on Friday, August 9th. One 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 stock has a consensus rating of “Moderate Buy” and a consensus target price of $9.00.

Archer Aviation Trading Down 4.0 %

The stock has a market cap of $1.12 billion, a price-to-earnings ratio of -2.58 and a beta of 2.31. The business has a fifty day simple moving average of $3.22 and a 200 day simple moving average of $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.

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. As a group, equities analysts anticipate that Archer Aviation Inc. will post -1.2 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder N.V. Stellantis purchased 2,982,089 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was purchased at an average price 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 12.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

Several hedge funds and other institutional investors have recently modified their holdings of ACHR. Axxcess Wealth Management LLC lifted its position in shares of Archer Aviation by 48.0% during the first quarter. Axxcess Wealth Management LLC now owns 29,961 shares of the company’s stock worth $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% in the 1st quarter. Kingsview Wealth Management LLC now owns 113,509 shares of the company’s stock worth $524,000 after buying an additional 8,717 shares during the last quarter. CreativeOne Wealth LLC bought a new stake in shares of Archer Aviation during the 1st quarter valued at about $117,000. Cetera Advisors LLC acquired a new stake in Archer Aviation during the first quarter worth about $80,000. Finally, Blair William & Co. IL bought a new position in Archer Aviation in the first quarter worth about $266,000. 59.34% of the stock is owned by institutional investors and hedge funds.

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.