Archer Aviation (NYSE:ACHR) Shares Down 3.5%

Archer Aviation Inc. (NYSE:ACHR) was down 3.5% on Monday . The stock traded as low as $3.51 and last traded at $3.88. Approximately 2,839,235 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 6,242,734 shares. The stock had previously closed at $4.02.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on ACHR shares. Barclays cut their price target on shares of Archer Aviation from $6.50 to $4.50 and set an “equal weight” rating for the company in a research note on Friday, May 17th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 target price on shares of Archer Aviation in a report on Monday, July 22nd. Benchmark reaffirmed a “buy” rating and set a $12.00 target price on shares of Archer Aviation in a report on Tuesday, May 21st. Finally, JPMorgan Chase & Co. boosted their price target on shares of Archer Aviation from $5.00 to $6.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Archer Aviation currently has an average rating of “Moderate Buy” and an average target price of $8.30.

Archer Aviation Stock Down 2.9 %

The firm has a market capitalization of $1.26 billion, a P/E ratio of -2.40 and a beta of 2.35. The firm’s 50-day moving average is $3.89 and its 200 day moving average is $4.28. The company has a debt-to-equity ratio of 0.08, a quick ratio of 6.01 and a current ratio of 6.01.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.08). During the same period in the prior year, the business posted ($0.46) EPS. As a group, equities research analysts predict that Archer Aviation Inc. will post -1.33 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ACHR. Vanguard Group Inc. lifted its holdings in shares of Archer Aviation by 20.1% during the 3rd quarter. Vanguard Group Inc. now owns 8,324,725 shares of the company’s stock worth $42,123,000 after acquiring an additional 1,394,872 shares during the period. Arizona State Retirement System lifted its holdings in shares of Archer Aviation by 41.8% during the 4th quarter. Arizona State Retirement System now owns 52,216 shares of the company’s stock worth $321,000 after acquiring an additional 15,385 shares during the period. Stratos Wealth Advisors LLC bought a new position in Archer Aviation in the 4th quarter valued at approximately $104,000. DekaBank Deutsche Girozentrale lifted its stake in Archer Aviation by 11.2% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 111,163 shares of the company’s stock valued at $693,000 after purchasing an additional 11,163 shares during the last quarter. Finally, Aquila Investment Management LLC bought a new position in Archer Aviation in the 4th quarter valued at approximately $270,000. Institutional investors and hedge funds 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.