Archer Aviation (NYSE:ACHR) Rating Lowered to “Neutral” at JPMorgan Chase & Co.

Archer Aviation (NYSE:ACHR) was downgraded by JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report released on Friday, MarketBeat.com reports. They currently have a $9.00 target price on the stock, up from their prior target price of $6.00. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 0.56% from the stock’s previous close.

ACHR has been the topic of a number of other research reports. Needham & Company LLC assumed coverage on Archer Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a research report on Monday, December 16th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Cantor Fitzgerald boosted their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Finally, Canaccord Genuity Group raised their target price on shares of Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $11.38.

Archer Aviation Stock Performance

Shares of ACHR opened at $8.95 on Friday. Archer Aviation has a 52-week low of $2.82 and a 52-week high of $12.48. The firm has a market capitalization of $3.81 billion, a PE ratio of -6.78 and a beta of 3.15. The firm has a 50-day moving average price of $7.65 and a 200 day moving average price of $5.04. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter last year, the company posted ($0.19) EPS. On average, sell-side analysts anticipate that Archer Aviation will post -1.28 earnings per share for the current fiscal year.

Insider Activity

In related news, CTO Thomas Paul Muniz sold 438,428 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $7.59, for a total transaction of $3,327,668.52. Following the transaction, the chief technology officer now directly owns 1,170,360 shares of the company’s stock, valued at approximately $8,883,032.40. The trade was a 27.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Tosha Perkins sold 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $6.40, for a total transaction of $960,000.00. Following the completion of the transaction, the insider now owns 197,355 shares in the company, valued at approximately $1,263,072. This represents a 43.18 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have bought 776,791 shares of company stock worth $5,139,699 and have sold 1,862,899 shares worth $12,201,707. 9.75% of the stock is owned by company insiders.

Institutional Investors Weigh In On Archer Aviation

Institutional investors have recently modified their holdings of the stock. Miller Wealth Advisors LLC purchased a new stake in shares of Archer Aviation during the third quarter worth $26,000. Versant Capital Management Inc increased its position in Archer Aviation by 74.3% in the 4th quarter. Versant Capital Management Inc now owns 8,048 shares of the company’s stock worth $78,000 after purchasing an additional 3,430 shares during the last quarter. Hollencrest Capital Management raised 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 in the last quarter. Code Waechter LLC acquired a new stake in shares of Archer Aviation during the 3rd quarter valued at about $30,000. Finally, Azzad Asset Management Inc. ADV bought a new stake in shares of Archer Aviation in the 3rd quarter valued at approximately $31,000. Institutional investors and hedge funds 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.