Archer Aviation (NYSE:ACHR) Stock Price Down 1.5% – Here’s Why

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

Analyst Upgrades and Downgrades

ACHR has been the topic of a number of analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a research report on Monday, October 7th. 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. HC Wainwright assumed 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. Finally, JPMorgan Chase & Co. raised their price objective on shares of Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Archer Aviation has an average rating of “Moderate Buy” and an average target price of $9.00.

Archer Aviation Price Performance

The company has a 50 day moving average of $3.16 and a 200-day moving average of $3.61. 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 stock has a market capitalization of $1.14 billion, a P/E ratio of -2.62 and a beta of 2.29.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Thursday, August 8th. The company reported ($0.31) EPS for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.07. Sell-side analysts predict that Archer Aviation Inc. will post -1.2 EPS for the current year.

Hedge Funds Weigh In On Archer Aviation

Several institutional investors have recently modified their holdings of the company. Axxcess Wealth Management LLC grew its position in Archer Aviation by 48.0% in the 1st quarter. Axxcess Wealth Management LLC now owns 29,961 shares of the company’s stock worth $138,000 after purchasing an additional 9,713 shares during the last quarter. Kingsview Wealth Management LLC increased its position in Archer Aviation by 8.3% in the 1st quarter. Kingsview Wealth Management LLC now owns 113,509 shares of the company’s stock valued at $524,000 after acquiring an additional 8,717 shares during the period. CreativeOne Wealth LLC bought a new stake in Archer Aviation during the 1st quarter valued at $117,000. Cetera Advisors LLC acquired a new position in Archer Aviation during the 1st quarter worth $80,000. Finally, Blair William & Co. IL bought a new position in shares of Archer Aviation in the first quarter worth $266,000. Institutional investors 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.