Archer Aviation (NYSE:ACHR) Shares Down 1.7% – What’s Next?

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

Wall Street Analyst Weigh In

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

Archer Aviation Price Performance

The company’s 50 day moving average price is $3.51 and its 200-day moving average price is $3.82. The company has a market cap of $977.15 million, a price-to-earnings ratio of -1.77 and a beta of 2.31. 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 announced its earnings results on Thursday, August 8th. The company reported ($0.31) EPS for the quarter, topping the consensus estimate of ($0.38) by $0.07. On average, equities research analysts forecast that Archer Aviation Inc. will post -1.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Archer Aviation news, major shareholder N.V. Stellantis acquired 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 price of $3.35 per share, with a total value of $9,989,998.15. Following the completion of the transaction, the insider now owns 59,734,962 shares in the company, valued at $200,112,122.70. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 27.17% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Hollencrest Capital Management boosted its stake in Archer Aviation by 50.0% during the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after buying an additional 3,000 shares in the last quarter. CWM LLC boosted its stake in Archer Aviation by 62.0% during the second quarter. CWM LLC now owns 9,300 shares of the company’s stock worth $33,000 after buying an additional 3,559 shares in the last quarter. Tidal Investments LLC acquired a new stake in Archer Aviation during the first quarter worth $49,000. Csenge Advisory Group acquired a new stake in Archer Aviation during the second quarter worth $39,000. Finally, HighPoint Advisor Group LLC acquired a new stake in Archer Aviation during the fourth quarter worth $75,000. 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.