Archer Aviation (NYSE:ACHR) Price Target Cut to $5.00

Archer Aviation (NYSE:ACHR) had its price objective lowered by stock analysts at JPMorgan Chase & Co. from $7.00 to $5.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 26.42% from the stock’s previous close.

Separately, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a research report on Tuesday, February 27th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Archer Aviation has a consensus rating of “Buy” and an average target price of $9.00.

Archer Aviation Price Performance

Shares of ACHR traded down $0.05 during mid-day trading on Friday, reaching $3.96. The company had a trading volume of 3,773,606 shares, compared to its average volume of 5,003,132. The company has a market capitalization of $1.23 billion, a price-to-earnings ratio of -2.29 and a beta of 2.45. The company has a debt-to-equity ratio of 0.06, a quick ratio of 4.21 and a current ratio of 4.21. The company’s 50 day simple moving average is $4.43 and its 200 day simple moving average is $5.17. Archer Aviation has a 1-year low of $1.91 and a 1-year high of $7.49.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Monday, February 26th. The company reported ($0.35) EPS for the quarter, meeting analysts’ consensus estimates of ($0.35). Analysts expect that Archer Aviation will post -1.45 EPS for the current year.

Insiders Place Their Bets

In other Archer Aviation news, major shareholder N.V. Stellantis bought 800,000 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was bought at an average cost of $4.83 per share, with a total value of $3,864,000.00. Following the completion of the transaction, the insider now directly owns 36,251,720 shares in the company, valued at approximately $175,095,807.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders have acquired 3,150,000 shares of company stock worth $15,724,500. Insiders own 27.17% 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 ACHR. AE Wealth Management LLC bought a new position in shares of Archer Aviation in the third quarter valued at approximately $53,000. Exchange Traded Concepts LLC purchased a new position in shares of Archer Aviation in the 3rd quarter worth about $37,000. Commonwealth Equity Services LLC bought a new position in Archer Aviation during the third quarter valued at about $148,000. Cambridge Investment Research Advisors Inc. purchased a new position in Archer Aviation in the third quarter valued at about $55,000. Finally, Raymond James & Associates boosted its stake in Archer Aviation by 43.7% in the third quarter. Raymond James & Associates now owns 150,038 shares of the company’s stock valued at $759,000 after acquiring an additional 45,637 shares during the last quarter. Hedge funds and other 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.