Archer Aviation (NYSE:ACHR) Price Target Cut to $8.00 by Analysts at JPMorgan Chase & Co.

Archer Aviation (NYSE:ACHR) had its target price reduced by equities research analysts at JPMorgan Chase & Co. from $10.00 to $8.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential downside of 2.38% from the stock’s previous close.

ACHR has been the topic of a number of other research reports. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Archer Aviation in a research report on Monday, October 27th. HC Wainwright restated a “buy” rating and issued a $18.00 price objective on shares of Archer Aviation in a report on Tuesday, August 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, October 8th. Canaccord Genuity Group restated a “buy” rating on shares of Archer Aviation in a research note on Thursday, July 17th. Finally, Needham & Company LLC lowered their price target on Archer Aviation from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Friday. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Archer Aviation presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.71.

Archer Aviation Trading Down 7.7%

Archer Aviation stock traded down $0.69 during mid-day trading on Friday, hitting $8.20. The company’s stock had a trading volume of 152,851,180 shares, compared to its average volume of 37,870,961. The stock’s fifty day moving average is $10.31 and its two-hundred day moving average is $10.21. The company has a current ratio of 22.30, a quick ratio of 22.30 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $5.29 billion, a PE ratio of -6.07 and a beta of 3.07. Archer Aviation has a 1 year low of $3.49 and a 1 year high of $14.62.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Thursday, November 6th. The company reported ($0.20) EPS for the quarter, meeting analysts’ consensus estimates of ($0.20). On average, analysts anticipate that Archer Aviation will post -1.32 EPS for the current year.

Insider Buying and Selling

In other Archer Aviation news, insider Eric Lentell sold 48,936 shares of the company’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $481,040.88. Following the sale, the insider owned 47,518 shares in the company, valued at $467,101.94. This represents a 50.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Tosha Perkins sold 42,775 shares of Archer Aviation stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $420,478.25. Following the completion of the transaction, the insider owned 295,337 shares of the company’s stock, valued at $2,903,162.71. The trade was a 12.65% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 188,068 shares of company stock worth $1,848,708 in the last quarter. Company insiders own 7.65% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

A number of large investors have recently modified their holdings of the company. Bank of Jackson Hole Trust lifted its position in shares of Archer Aviation by 45.9% during the 3rd quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock worth $30,000 after purchasing an additional 986 shares during the last quarter. Farther Finance Advisors LLC raised its stake in Archer Aviation by 45.7% in the second quarter. Farther Finance Advisors LLC now owns 3,524 shares of the company’s stock valued at $38,000 after buying an additional 1,106 shares in the last quarter. Prime Capital Investment Advisors LLC lifted its holdings in Archer Aviation by 2.5% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 46,262 shares of the company’s stock worth $443,000 after buying an additional 1,107 shares during the last quarter. Moody National Bank Trust Division lifted its holdings in Archer Aviation by 0.7% during the 2nd quarter. Moody National Bank Trust Division now owns 169,345 shares of the company’s stock worth $1,837,000 after buying an additional 1,211 shares during the last quarter. Finally, HighPoint Advisor Group LLC boosted its position in shares of Archer Aviation by 3.6% during the 3rd quarter. HighPoint Advisor Group LLC now owns 35,919 shares of the company’s stock worth $344,000 after acquiring an additional 1,237 shares in the last quarter. 59.34% of the stock is 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.