Archer Aviation (NYSE:ACHR) Stock Price Down 1.5% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR) shares were down 1.5% during trading on Tuesday . The stock traded as low as $3.15 and last traded at $3.19. Approximately 2,023,473 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 7,692,226 shares. The stock had previously closed at $3.24.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a report on Monday, October 7th. 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. HC Wainwright initiated coverage on shares of Archer Aviation in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 target price on the stock. Finally, JPMorgan Chase & Co. increased their target price on Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.00.

Archer Aviation Stock Down 0.6 %

The company’s 50 day moving average price is $3.18 and its two-hundred day moving average price is $3.61. The stock has a market cap of $1.14 billion, a P/E ratio of -2.61 and a beta of 2.29. 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 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. Equities analysts forecast that Archer Aviation Inc. will post -1.2 earnings per share for the current year.

Insiders Place Their Bets

In other Archer Aviation news, major shareholder N.V. Stellantis purchased 2,982,089 shares of the company’s 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 purchase, the insider now directly owns 59,734,962 shares of the company’s stock, valued at $200,112,122.70. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 12.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

Institutional investors have recently added to or reduced their stakes in the company. Miller Wealth Advisors LLC bought a new position in Archer Aviation during the third quarter valued at $26,000. Code Waechter LLC bought a new position in shares of Archer Aviation in the 3rd quarter valued at about $30,000. Azzad Asset Management Inc. ADV purchased a new position in Archer Aviation in the third quarter worth about $31,000. Hollencrest Capital Management increased 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 acquiring an additional 3,000 shares during the last quarter. Finally, CWM LLC increased 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 acquiring an additional 3,559 shares during the last quarter. Hedge funds and other institutional investors own 59.34% of the company’s stock.

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.