Archer Aviation (NYSE:ACHR) Shares Down 4.1%

Archer Aviation Inc. (NYSE:ACHR - Get Free Report) fell 4.1% on Thursday . The company traded as low as $3.48 and last traded at $3.50. 2,843,733 shares were traded during trading, a decline of 48% from the average session volume of 5,458,062 shares. The stock had previously closed at $3.65.

Wall Street Analysts Forecast Growth

ACHR has been the subject of several research reports. Barclays cut their target price on Archer Aviation from $6.50 to $4.50 and set an "equal weight" rating for the company in a research note on Friday, May 17th. Cantor Fitzgerald restated an "overweight" rating and set a $10.00 price target on shares of Archer Aviation in a research report on Monday, June 17th. Benchmark reiterated a "buy" rating and issued a $12.00 price objective on shares of Archer Aviation in a report on Tuesday, May 21st. Finally, JPMorgan Chase & Co. dropped their target price on Archer Aviation from $7.00 to $5.00 and set an "overweight" rating for the company in a report on Friday, May 3rd. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $8.10.

Archer Aviation Trading Down 4.5 %

The company has a debt-to-equity ratio of 0.08, a current ratio of 6.01 and a quick ratio of 6.01. The stock has a market capitalization of $1.13 billion, a P/E ratio of -2.14 and a beta of 2.35. The firm's 50 day moving average price is $3.57 and its 200 day moving average price is $4.59.

Archer Aviation (NYSE:ACHR - Get Free Report) last announced its earnings results on Thursday, May 9th. The company reported ($0.36) EPS for the quarter, missing analysts' consensus estimates of ($0.28) by ($0.08). During the same quarter in the prior year, the company posted ($0.46) earnings per share. As a group, equities research analysts expect that Archer Aviation Inc. will post -1.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Archer Aviation by 20.1% in the third quarter. Vanguard Group Inc. now owns 8,324,725 shares of the company's stock worth $42,123,000 after purchasing an additional 1,394,872 shares during the period. Alpine Global Management LLC bought a new position in Archer Aviation during the 1st quarter valued at approximately $5,782,000. ARK Investment Management LLC raised its stake in Archer Aviation by 4.7% during the fourth quarter. ARK Investment Management LLC now owns 24,907,280 shares of the company's stock valued at $152,931,000 after buying an additional 1,116,908 shares during the last quarter. Vestmark Advisory Solutions Inc. bought a new stake in Archer Aviation in the fourth quarter worth $3,825,000. Finally, Seven Eight Capital LP purchased a new stake in shares of Archer Aviation in the third quarter worth $2,739,000. 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.