Archer Aviation (NYSE:ACHR) Shares Down 0.6%

Archer Aviation Inc. (NYSE:ACHR) shares dropped 0.6% during mid-day trading on Thursday . The stock traded as low as $3.21 and last traded at $3.28. Approximately 2,077,672 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 6,761,894 shares. The stock had previously closed at $3.30.

Analyst Ratings Changes

ACHR has been the topic of several analyst reports. Barclays cut their target price on Archer Aviation from $6.50 to $4.50 and set an “equal weight” rating on the stock in a research note on Friday, May 17th. Benchmark reiterated 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. lifted their target price on Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. HC Wainwright assumed coverage on Archer Aviation in a research note on Tuesday, September 3rd. They set a “buy” rating and a $12.50 price target on the stock. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a research note on Monday. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from 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 has a debt-to-equity ratio of 0.13, a current ratio of 4.49 and a quick ratio of 4.49. The stock has a market cap of $1.06 billion, a price-to-earnings ratio of -2.04 and a beta of 2.33. The stock has a fifty day moving average of $4.03 and a 200 day moving average of $4.00.

Archer Aviation (NYSE:ACHR) last released its earnings results on Thursday, August 8th. The company reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.07. On average, analysts expect that Archer Aviation Inc. will post -1.33 EPS for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In related news, major shareholder N.V. Stellantis purchased 2,982,089 shares of the firm’s stock in a transaction on Thursday, August 8th. The stock was bought at an average cost of $3.35 per share, with a total value of $9,989,998.15. Following the completion of the acquisition, the insider now owns 59,734,962 shares of the company’s stock, valued at approximately $200,112,122.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 27.17% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of ACHR. Hollencrest Capital Management increased its position in shares of Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after buying an additional 3,000 shares in the last quarter. CWM LLC increased its position in shares of Archer Aviation by 62.0% in the second quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after buying an additional 3,559 shares in the last quarter. Csenge Advisory Group purchased a new stake in shares of Archer Aviation in the second quarter valued at approximately $39,000. Tidal Investments LLC purchased a new stake in shares of Archer Aviation in the first quarter valued at approximately $49,000. Finally, Choreo LLC purchased a new stake in shares of Archer Aviation in the second quarter valued at approximately $49,000. 59.34% of the stock is 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.