Archer Aviation (NYSE:ACHR) Shares Down 1.7% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) dropped 1.7% during mid-day trading on Friday . The stock traded as low as $2.87 and last traded at $2.89. Approximately 5,320,955 shares traded hands during trading, a decline of 26% from the average daily volume of 7,234,604 shares. The stock had previously closed at $2.94.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ACHR. Benchmark reiterated a “buy” rating and issued a $12.00 price target on shares of Archer Aviation in a report on Friday, August 9th. HC Wainwright assumed 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. Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a research report on Monday, September 30th. 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 report on Wednesday, July 24th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Archer Aviation has an average rating of “Moderate Buy” and a consensus price target of $9.00.

Archer Aviation Stock Up 1.4 %

The company has a 50-day moving average of $3.48 and a 200-day moving average of $3.80. The company has a current ratio of 4.49, a quick ratio of 4.49 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $964.20 million, a price-to-earnings ratio of -1.83 and a beta of 2.31.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data 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, equities analysts predict that Archer Aviation Inc. will post -1.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In related news, major shareholder N.V. Stellantis acquired 2,982,089 shares of the stock in a transaction dated Thursday, August 8th. The stock was acquired at an average cost of $3.35 per share, for a total transaction of $9,989,998.15. Following the completion of 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 position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 27.17% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Hollencrest Capital Management boosted its position in Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after buying an additional 3,000 shares during the last quarter. CWM LLC boosted its holdings in shares of Archer Aviation by 62.0% in the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after acquiring an additional 3,559 shares during the last quarter. Csenge Advisory Group purchased a new stake in shares of Archer Aviation in the 2nd quarter valued at $39,000. Tidal Investments LLC acquired a new stake in shares of Archer Aviation in the first quarter worth $49,000. Finally, Choreo LLC purchased a new position in shares of Archer Aviation during the second quarter worth $49,000. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.