Archer Aviation (NYSE:ACHR) Downgraded to “Neutral” Rating by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered shares of Archer Aviation (NYSE:ACHR) from an overweight rating to a neutral rating in a research note released on Friday, Marketbeat Ratings reports. JPMorgan Chase & Co. currently has $9.00 price target on the stock, up from their prior price target of $6.00.

A number of other equities analysts have also weighed in on the company. Deutsche Bank Aktiengesellschaft increased their price target on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Cantor Fitzgerald raised their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Needham & Company LLC started coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 target price on the stock. HC Wainwright restated a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a research report on Monday, December 16th. Finally, Canaccord Genuity Group lifted their price objective on shares of Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Archer Aviation has an average rating of “Moderate Buy” and a consensus price target of $11.38.

Archer Aviation Trading Down 14.6 %

Shares of ACHR stock opened at $8.95 on Friday. The stock has a 50-day simple moving average of $7.54 and a 200 day simple moving average of $4.99. The stock has a market capitalization of $3.81 billion, a P/E ratio of -6.78 and a beta of 3.15. Archer Aviation has a fifty-two week low of $2.82 and a fifty-two week high of $12.48. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings data 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 company posted ($0.19) EPS. On average, sell-side analysts expect that Archer Aviation will post -1.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In other Archer Aviation news, CEO Adam D. Goldstein bought 19,762 shares of Archer Aviation stock in a transaction on Thursday, November 21st. The stock was purchased at an average cost of $5.12 per share, for a total transaction of $101,181.44. Following the completion of the purchase, the chief executive officer now directly owns 2,014,890 shares of the company’s stock, valued at $10,316,236.80. The trade was a 0.99 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Tosha Perkins sold 150,000 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $6.40, for a total transaction of $960,000.00. Following the transaction, the insider now directly owns 197,355 shares in the company, valued at $1,263,072. The trade was a 43.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders purchased 776,791 shares of company stock valued at $5,139,699 and sold 1,862,899 shares valued at $12,201,707. Company insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hollencrest Capital Management grew its holdings in Archer Aviation by 50.0% during the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after purchasing an additional 3,000 shares during the last quarter. Townsquare Capital LLC boosted its holdings in shares of Archer Aviation by 25.6% during the 3rd quarter. Townsquare Capital LLC now owns 14,877 shares of the company’s stock worth $45,000 after buying an additional 3,033 shares during the period. Tidal Investments LLC grew its stake in Archer Aviation by 29.9% in the 3rd quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock valued at $44,000 after buying an additional 3,339 shares during the last quarter. Hsbc Holdings PLC raised its holdings in Archer Aviation by 14.8% in the 2nd quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock worth $89,000 after acquiring an additional 3,341 shares during the period. Finally, Versant Capital Management Inc lifted its position in Archer Aviation by 74.3% during the 4th quarter. Versant Capital Management Inc now owns 8,048 shares of the company’s stock worth $78,000 after acquiring an additional 3,430 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.