Archer Aviation (NYSE:ACHR) Shares Down 0.7%

Archer Aviation Inc. (NYSE:ACHR)’s stock price traded down 0.7% on Tuesday . The company traded as low as $2.98 and last traded at $3.01. 2,907,596 shares traded hands during trading, a decline of 59% from the average session volume of 7,088,368 shares. The stock had previously closed at $3.03.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Benchmark reaffirmed a “buy” rating and set a $12.00 price objective on shares of Archer Aviation in a research report on Friday, August 9th. HC Wainwright assumed coverage on shares of Archer Aviation in a research report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price objective for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price objective on shares of Archer Aviation in a research report on Monday. Finally, JPMorgan Chase & Co. increased their price objective on shares of Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a research 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 stock. According to MarketBeat, Archer Aviation currently has a consensus rating of “Moderate Buy” and an average price target of $9.00.

Archer Aviation Stock Performance

The stock’s fifty day simple moving average is $3.60 and its 200-day simple moving average is $3.84. The company has a market capitalization of $970.67 million, a price-to-earnings ratio of -1.85 and a beta of 2.32. The company has a current ratio of 4.49, a quick ratio of 4.49 and a debt-to-equity ratio of 0.13.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data 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. Analysts predict that Archer Aviation Inc. will post -1.33 EPS for the current year.

Insider Activity

In related news, major shareholder N.V. Stellantis purchased 2,982,089 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were purchased at an average cost of $3.35 per share, for a total transaction of $9,989,998.15. Following the purchase, the insider now directly owns 59,734,962 shares of the company’s stock, valued at $200,112,122.70. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 27.17% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp grew its position in Archer Aviation by 23.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after purchasing an additional 254,460 shares during the last quarter. Alpine Global Management LLC purchased a new position in Archer Aviation during the 1st quarter worth $5,782,000. Intellectus Partners LLC grew its position in Archer Aviation by 136.1% during the 2nd quarter. Intellectus Partners LLC now owns 907,220 shares of the company’s stock worth $3,187,000 after purchasing an additional 523,024 shares during the last quarter. Raymond James & Associates grew its position in Archer Aviation by 44.4% during the 2nd quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock worth $2,201,000 after purchasing an additional 192,120 shares during the last quarter. Finally, Swiss National Bank grew its position in Archer Aviation by 2.3% during the 1st quarter. Swiss National Bank now owns 376,600 shares of the company’s stock worth $1,740,000 after purchasing an additional 8,500 shares during the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.