Archer Aviation (NYSE:ACHR) Stock Price Down 4.9% – What’s Next?

Shares of Archer Aviation Inc. (NYSE:ACHR) were down 4.9% during mid-day trading on Friday . The stock traded as low as $4.05 and last traded at $4.08. Approximately 5,978,015 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 8,474,855 shares. The stock had previously closed at $4.29.

Analysts Set New Price Targets

ACHR has been the topic of several research analyst reports. HC Wainwright initiated coverage on Archer Aviation in a research note on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price objective on shares of Archer Aviation in a report on Monday, October 7th. JPMorgan Chase & Co. increased their target price on Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Finally, Benchmark restated a “buy” rating and set a $12.00 target price on shares of Archer Aviation in a report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Archer Aviation presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.00.

Archer Aviation Stock Down 4.2 %

The firm has a 50-day moving average price of $3.28 and a two-hundred day moving average price of $3.61. The company has a market capitalization of $1.46 billion, a price-to-earnings ratio of -3.11 and a beta of 2.29. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 4.49.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same period in the previous year, the business earned ($0.19) earnings per share. As a group, sell-side analysts anticipate that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Archer Aviation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Miller Wealth Advisors LLC bought a new position in shares of Archer Aviation in the third quarter valued at $26,000. Code Waechter LLC acquired a new stake in Archer Aviation in the third quarter valued at $30,000. Azzad Asset Management Inc. ADV bought a new position in shares of Archer Aviation in the 3rd quarter valued at about $31,000. Hollencrest Capital Management increased its stake in shares of 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 purchasing an additional 3,000 shares during the last quarter. Finally, CWM LLC increased its stake in shares of 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 purchasing an additional 3,559 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.