Archer Aviation (NYSE:ACHR) Trading Down 1% – Here’s What Happened

by · The Markets Daily

Shares of Archer Aviation Inc. (NYSE:ACHR – Get Free Report) fell 1% on Monday . The stock traded as low as $3.02 and last traded at $3.05. 1,894,201 shares changed hands during trading, a decline of 74% from the average session volume of 7,329,173 shares. The stock had previously closed at $3.08.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. increased their target price on Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Benchmark reissued a “buy” rating and issued a $12.00 price objective on shares of Archer Aviation in a report on Friday, August 9th. HC Wainwright initiated coverage on shares of Archer Aviation in a report on Tuesday, September 3rd. They set a “buy” rating and a $12.50 target price on the stock. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 price target on shares of Archer Aviation in a research note on Monday, October 7th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $9.00.

Check Out Our Latest Stock Analysis on ACHR

Archer Aviation Stock Down 0.3 %

The company has a market capitalization of $993.32 million, a P/E ratio of -1.88 and a beta of 2.31. 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 50-day moving average price of $3.36 and a 200-day moving average price of $3.73.

Archer Aviation (NYSE:ACHR – Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.38) by $0.07. On average, research analysts predict that Archer Aviation Inc. will post -1.2 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder N.V. Stellantis bought 2,982,089 shares of Archer Aviation stock in a transaction dated Thursday, August 8th. The stock was purchased at an average price 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 in the company, valued at $200,112,122.70. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 27.17% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hollencrest Capital Management lifted its holdings in Archer Aviation by 50.0% during the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after purchasing an additional 3,000 shares in the last quarter. Hsbc Holdings PLC grew its position in shares of Archer Aviation by 14.8% during the 2nd quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock valued at $89,000 after purchasing an additional 3,341 shares in the last quarter. CWM LLC raised 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 worth $33,000 after buying an additional 3,559 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Archer Aviation by 8.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 69,387 shares of the company’s stock worth $321,000 after acquiring an additional 5,611 shares during the last quarter. Finally, Arizona State Retirement System raised its holdings in shares of Archer Aviation by 13.7% in the 2nd quarter. Arizona State Retirement System now owns 59,593 shares of the company’s stock valued at $210,000 after acquiring an additional 7,184 shares in the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

Archer Aviation Company Profile

(Get Free Report)

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.

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