Archer Aviation (NYSE:ACHR) Shares Gap Down Following Analyst Downgrade

Archer Aviation Inc. (NYSE:ACHR) gapped down before the market opened on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $10.00 to $8.00. The stock had previously closed at $8.88, but opened at $7.83. JPMorgan Chase & Co. currently has a neutral rating on the stock. Archer Aviation shares last traded at $7.7780, with a volume of 23,022,530 shares trading hands.

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

Insider Transactions at Archer Aviation

In related news, insider Tosha Perkins sold 42,775 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $420,478.25. Following the completion of the transaction, the insider directly owned 295,337 shares of the company’s stock, valued at approximately $2,903,162.71. This represents a 12.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Priya Gupta sold 10,224 shares of Archer Aviation stock in a transaction on Monday, August 18th. The stock was sold at an average price of $9.83, for a total transaction of $100,501.92. Following the sale, the chief financial officer directly owned 147,153 shares in the company, valued at approximately $1,446,513.99. This trade represents a 6.50% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 188,068 shares of company stock worth $1,848,708. 7.65% of the stock is owned by insiders.

Institutional Investors Weigh In On Archer Aviation

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

Archer Aviation Stock Down 7.7%

The company has a quick ratio of 22.30, a current 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 -6.50 and a beta of 3.07. The business has a 50-day moving average price of $10.29 and a 200-day moving average price of $10.22.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.20) EPS for the quarter, hitting analysts’ consensus estimates of ($0.20). Equities research analysts forecast that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

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.