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

Archer Aviation (NYSE:ACHR) had its target price reduced by stock analysts at JPMorgan Chase & Co. from $7.00 to $5.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 26.26% from the company’s current price.

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

Archer Aviation Stock Down 1.2 %

ACHR stock opened at $3.96 on Friday. The firm has a market capitalization of $1.23 billion, a PE ratio of -2.29 and a beta of 2.45. The company has a quick ratio of 4.21, a current ratio of 4.21 and a debt-to-equity ratio of 0.06. Archer Aviation has a twelve month low of $1.91 and a twelve month high of $7.49. The stock’s 50 day moving average is $4.41 and its 200-day moving average is $5.16.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Monday, February 26th. The company reported ($0.35) earnings per share for the quarter, meeting the consensus estimate of ($0.35). Sell-side analysts expect that Archer Aviation will post -1.45 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder N.V. Stellantis bought 800,000 shares of the company’s stock in a transaction on Monday, March 11th. The shares were purchased at an average cost of $4.83 per share, for a total transaction of $3,864,000.00. Following the completion of the purchase, the insider now directly owns 36,251,720 shares in the company, valued at $175,095,807.60. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Over the last 90 days, insiders purchased 3,150,000 shares of company stock worth $15,724,500. Insiders own 27.17% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ACHR. Grove Bank & Trust purchased a new stake in Archer Aviation during the third quarter valued at about $27,000. Exchange Traded Concepts LLC bought a new stake in shares of Archer Aviation in the third quarter valued at approximately $37,000. Teacher Retirement System of Texas purchased a new stake in shares of Archer Aviation during the 3rd quarter valued at approximately $51,000. Janney Montgomery Scott LLC purchased a new position in Archer Aviation in the 3rd quarter valued at approximately $52,000. Finally, AE Wealth Management LLC purchased a new position in Archer Aviation in the 3rd quarter valued at approximately $53,000. Hedge funds and other 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.