Archer Aviation (NYSE:ACHR) Shares Down 1.6%

Archer Aviation Inc. (NYSE:ACHR)’s stock price dropped 1.6% on Wednesday . The stock traded as low as $3.06 and last traded at $3.08. Approximately 2,676,065 shares were traded during trading, a decline of 61% from the average daily volume of 6,845,875 shares. The stock had previously closed at $3.13.

Analysts Set New Price Targets

A number of research analysts have commented on ACHR shares. Benchmark reaffirmed a “buy” rating and issued a $12.00 price objective on shares of Archer Aviation in a report on Friday, August 9th. HC Wainwright began coverage on shares of Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price target on the stock. JPMorgan Chase & Co. boosted their price objective 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. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a report on Monday. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.00.

Archer Aviation Stock Down 2.2 %

The firm’s fifty day moving average is $3.93 and its 200-day moving average is $3.95. The company has a market capitalization of $990.09 million, a P/E ratio of -1.89 and a beta of 2.32. 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 released its earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.07. As a group, equities research analysts predict that Archer Aviation Inc. will post -1.33 EPS for the current year.

Insider Activity at Archer Aviation

In other Archer Aviation news, major shareholder N.V. Stellantis bought 2,982,089 shares of the stock in a transaction on 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 acquisition, the insider now owns 59,734,962 shares in the company, valued at approximately $200,112,122.70. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 27.17% of the stock is owned by company insiders.

Institutional Trading of Archer Aviation

A number of hedge funds and other institutional investors have recently bought and sold shares of ACHR. Alpine Global Management LLC bought a new position in shares of Archer Aviation during the first quarter valued at about $5,782,000. Intellectus Partners LLC boosted its stake in shares of Archer Aviation by 136.1% in the 2nd quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock worth $3,187,000 after buying an additional 523,024 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Archer Aviation by 23.9% in the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock valued at $4,651,000 after acquiring an additional 254,460 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Archer Aviation by 19.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,386,406 shares of the company’s stock valued at $8,513,000 after acquiring an additional 228,487 shares during the last quarter. Finally, Raymond James & Associates increased its position in shares of Archer Aviation by 44.4% during the second quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock valued at $2,201,000 after acquiring an additional 192,120 shares during the last quarter. 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.