Archer Aviation (NYSE:ACHR) Stock Price Down 0.8%

Archer Aviation Inc. (NYSE:ACHR)’s share price traded down 0.8% during trading on Friday . The company traded as low as $3.50 and last traded at $3.51. 2,502,485 shares were traded during mid-day trading, a decline of 62% from the average session volume of 6,536,821 shares. The stock had previously closed at $3.54.

Analyst Upgrades and Downgrades

ACHR has been the topic of a number of research analyst reports. Benchmark reaffirmed a “buy” rating and set a $12.00 price target on shares of Archer Aviation in a report on Friday, August 9th. Barclays dropped their price target on shares of Archer Aviation from $6.50 to $4.50 and set an “equal weight” rating on the stock in a report on Friday, May 17th. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price objective on shares of Archer Aviation in a research report on Monday, August 19th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Archer Aviation from $5.00 to $6.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th.

Archer Aviation Trading Down 4.5 %

The stock has a 50 day simple moving average of $4.08 and a 200-day simple moving average of $4.12. The company has a current ratio of 6.01, a quick ratio of 6.01 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $1.09 billion, a P/E ratio of -2.06 and a beta of 2.35.

Insiders Place Their Bets

In related news, major shareholder N.V. Stellantis bought 2,982,089 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were bought at an average cost of $3.35 per share, for a total transaction of $9,989,998.15. Following the completion of the transaction, the insider now owns 59,734,962 shares of the company’s stock, valued at $200,112,122.70. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 27.17% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds have recently modified their holdings of ACHR. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Archer Aviation in the 4th quarter worth $294,000. Victory Capital Management Inc. raised its holdings in Archer Aviation by 50.0% during the fourth quarter. Victory Capital Management Inc. now owns 24,748 shares of the company’s stock valued at $152,000 after acquiring an additional 8,246 shares during the period. Swiss National Bank lifted its position in shares of Archer Aviation by 29.5% in the fourth quarter. Swiss National Bank now owns 368,100 shares of the company’s stock valued at $2,260,000 after acquiring an additional 83,800 shares in the last quarter. Vestmark Advisory Solutions Inc. bought a new position in shares of Archer Aviation in the fourth quarter worth about $3,825,000. Finally, Spire Wealth Management grew its position in shares of Archer Aviation by 33.4% during the fourth quarter. Spire Wealth Management now owns 44,943 shares of the company’s stock worth $276,000 after purchasing an additional 11,248 shares in the last quarter. 59.34% of the stock is currently owned by 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.