Archer Aviation (NYSE:ACHR) Trading Down 1.7% - What's Next?

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

Analyst Upgrades and Downgrades

Several research firms recently commented on ACHR. HC Wainwright began coverage on shares of Archer Aviation in a report on Tuesday, September 3rd. They issued a "buy" rating and a $12.50 price target on the stock. Cantor Fitzgerald restated an "overweight" rating and issued a $10.00 price target on shares of Archer Aviation in a report on Monday. Benchmark restated a "buy" rating and issued a $12.00 price target on shares of Archer Aviation in a report on Friday, August 9th. Finally, JPMorgan Chase & Co. raised their price target on shares of Archer Aviation from $5.00 to $6.00 and gave the company an "overweight" rating in a report on Wednesday, July 24th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $9.00.

Archer Aviation Stock Up 1.2 %

The company has a quick ratio of 4.49, a current ratio of 4.49 and a debt-to-equity ratio of 0.13. The firm has a 50 day moving average price of $3.51 and a two-hundred day moving average price of $3.82. The company has a market capitalization of $962.59 million, a price-to-earnings ratio of -1.83 and a beta of 2.31.

Archer Aviation (NYSE:ACHR - Get Free Report) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.38) by $0.07. As a group, sell-side analysts expect that Archer Aviation Inc. will post -1.33 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder N.V. Stellantis purchased 2,982,089 shares of the firm's stock in a transaction that occurred 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 completion of the purchase, the insider now owns 59,734,962 shares of the company's stock, valued at approximately $200,112,122.70. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 27.17% of the company's stock.

Institutional Trading of Archer Aviation

Institutional investors have recently added to or reduced their stakes in the business. Alpine Global Management LLC acquired a new position in Archer Aviation during the 1st quarter valued at about $5,782,000. Intellectus Partners LLC boosted its stake in Archer Aviation by 136.1% during the 2nd quarter. Intellectus Partners LLC now owns 907,220 shares of the company's stock valued at $3,187,000 after purchasing an additional 523,024 shares during the period. Bank of New York Mellon Corp boosted its stake in Archer Aviation by 23.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company's stock valued at $4,651,000 after purchasing an additional 254,460 shares during the period. Raymond James & Associates boosted its stake in Archer Aviation by 44.4% during the 2nd quarter. Raymond James & Associates now owns 625,164 shares of the company's stock valued at $2,201,000 after purchasing an additional 192,120 shares during the period. Finally, DNB Asset Management AS boosted its stake in Archer Aviation by 195.1% during the 2nd quarter. DNB Asset Management AS now owns 263,063 shares of the company's stock valued at $926,000 after purchasing an additional 173,919 shares during the period. 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.