Archer Aviation (NYSE:ACHR) Trading Down 2.1% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) shares were down 2.1% on Wednesday . The company traded as low as $4.88 and last traded at $5.02. Approximately 12,748,613 shares traded hands during trading, an increase of 47% from the average daily volume of 8,699,091 shares. The stock had previously closed at $5.13.

Analyst Ratings Changes

A number of brokerages have commented on ACHR. JPMorgan Chase & Co. lifted their price target on Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Needham & Company LLC started coverage on Archer Aviation in a research report on Tuesday. They issued a “buy” rating and a $11.00 target price on the stock. Benchmark reissued a “buy” rating and set a $12.00 price target on shares of Archer Aviation in a research report on Friday, August 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price objective on shares of Archer Aviation in a report on Monday, October 7th. Finally, 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 for the company. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $9.33.

Archer Aviation Trading Down 4.3 %

The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The company’s 50-day moving average price is $3.34 and its 200-day moving average price is $3.62. The firm has a market cap of $2.09 billion, a price-to-earnings ratio of -3.80 and a beta of 2.29.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the prior year, the business posted ($0.19) EPS. Equities analysts expect that Archer Aviation Inc. will post -1.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of ACHR. Janney Montgomery Scott LLC lifted its holdings in shares of Archer Aviation by 266.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 41,360 shares of the company’s stock worth $191,000 after acquiring an additional 30,075 shares during the last quarter. Swiss National Bank boosted its position in shares of Archer Aviation by 2.3% during the first quarter. Swiss National Bank now owns 376,600 shares of the company’s stock worth $1,740,000 after buying an additional 8,500 shares during the period. Blair William & Co. IL purchased a new stake in shares of Archer Aviation in the 1st quarter valued at $266,000. CreativeOne Wealth LLC acquired a new position in Archer Aviation during the 1st quarter worth about $117,000. Finally, Axxcess Wealth Management LLC boosted its holdings in Archer Aviation by 48.0% during the 1st quarter. Axxcess Wealth Management LLC now owns 29,961 shares of the company’s stock valued at $138,000 after acquiring an additional 9,713 shares during the period. Institutional investors and hedge funds own 59.34% of the company’s stock.

About Archer Aviation

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.