Archer Aviation (NYSE:ACHR) Trading Down 2.4%

Archer Aviation Inc. (NYSE:ACHR)’s share price fell 2.4% during mid-day trading on Thursday . The company traded as low as $4.05 and last traded at $4.07. 1,073,061 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 6,221,988 shares. The stock had previously closed at $4.17.

Analysts Set New Price Targets

A number of research firms recently issued reports on ACHR. Barclays lowered their target price on shares of Archer Aviation from $6.50 to $4.50 and set an “equal weight” rating for the company in a report on Friday, May 17th. Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a report on Monday, July 22nd. Benchmark restated a “buy” rating and issued a $12.00 target price on shares of Archer Aviation in a report on Tuesday, May 21st. Finally, JPMorgan Chase & Co. boosted their target price 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 company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.30.

Archer Aviation Trading Up 0.2 %

The company has a quick ratio of 6.01, a current ratio of 6.01 and a debt-to-equity ratio of 0.08. The firm’s 50 day simple moving average is $3.89 and its two-hundred day simple moving average is $4.29. The stock has a market cap of $1.30 billion, a P/E ratio of -2.47 and a beta of 2.35.

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

Institutional Trading of Archer Aviation

Several institutional investors have recently added to or reduced their stakes in ACHR. Rhumbline Advisers grew its position in shares of Archer Aviation by 29.3% during the second quarter. Rhumbline Advisers now owns 311,852 shares of the company’s stock worth $1,098,000 after acquiring an additional 70,575 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Archer Aviation by 75.6% during the second quarter. Principal Financial Group Inc. now owns 31,064 shares of the company’s stock worth $109,000 after acquiring an additional 13,372 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in shares of Archer Aviation during the second quarter worth about $104,000. Bank of New York Mellon Corp grew its position in shares of Archer Aviation by 23.9% during the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after acquiring an additional 254,460 shares during the last quarter. Finally, Fullcircle Wealth LLC bought a new position in shares of Archer Aviation during the second quarter worth about $70,000. 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.