Archer Aviation (NYSE:ACHR) Shares Down 1.6%

Archer Aviation Inc. (NYSE:ACHR) traded down 1.6% on Monday . The stock traded as low as $3.15 and last traded at $3.17. 1,647,728 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 5,105,703 shares. The stock had previously closed at $3.22.

Analyst Ratings Changes

ACHR has been the topic of several recent analyst reports. JPMorgan Chase & Co. cut their price objective on shares of Archer Aviation from $7.00 to $5.00 and set an “overweight” rating on the stock in a report on Friday, May 3rd. Benchmark reaffirmed a “buy” rating and issued a $12.00 price target on shares of Archer Aviation in a report on Tuesday, May 21st. Barclays dropped their price objective on shares of Archer Aviation from $6.50 to $4.50 and set an “equal weight” rating on the stock in a report on Friday, May 17th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $10.00 target price on shares of Archer Aviation in a research note on Monday. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $8.10.

Archer Aviation Stock Performance

The firm’s 50 day simple moving average is $3.68 and its 200 day simple moving average is $4.75. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of -1.94 and a beta of 2.35. The company has a debt-to-equity ratio of 0.08, a quick ratio of 6.01 and a current ratio of 6.01.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.08). During the same quarter in the prior year, the firm earned ($0.46) EPS. Sell-side analysts forecast that Archer Aviation Inc. will post -1.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Archer Aviation by 20.1% in the third quarter. Vanguard Group Inc. now owns 8,324,725 shares of the company’s stock valued at $42,123,000 after buying an additional 1,394,872 shares in the last quarter. Spire Wealth Management raised its holdings in Archer Aviation by 33.4% in the 4th quarter. Spire Wealth Management now owns 44,943 shares of the company’s stock worth $276,000 after purchasing an additional 11,248 shares during the period. Victory Capital Management Inc. boosted its position in Archer Aviation by 50.0% during the fourth quarter. Victory Capital Management Inc. now owns 24,748 shares of the company’s stock worth $152,000 after purchasing an additional 8,246 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Archer Aviation in the fourth quarter valued at approximately $230,000. Finally, DekaBank Deutsche Girozentrale increased its position in shares of Archer Aviation by 11.2% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 111,163 shares of the company’s stock valued at $693,000 after buying an additional 11,163 shares in the last quarter. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.