JPMorgan Chase & Co. Trims Archer Aviation (NYSE:ACHR) Target Price to $5.00

Archer Aviation (NYSE:ACHR) had its target price cut by JPMorgan Chase & Co. from $7.00 to $5.00 in a report released on Friday, Benzinga reports. They currently have an overweight rating on the stock.

Separately, Cantor Fitzgerald reiterated an overweight rating and issued a $10.00 target price on shares of Archer Aviation in a research report on Tuesday, February 27th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, Archer Aviation currently has an average rating of Buy and a consensus price target of $9.00.

Archer Aviation Stock Down 1.2 %

ACHR stock opened at $3.96 on Friday. The firm has a fifty day moving average price of $4.41 and a two-hundred day moving average price of $5.16. The company has a debt-to-equity ratio of 0.06, a current ratio of 4.21 and a quick ratio of 4.21. Archer Aviation has a 1-year low of $1.91 and a 1-year high of $7.49. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of -2.29 and a beta of 2.45.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Monday, February 26th. The company reported ($0.35) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.35). Research analysts predict that Archer Aviation will post -1.45 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder N.V. Stellantis purchased 800,000 shares of the firm’s stock in a transaction on Friday, March 8th. The stock was bought at an average cost of $4.60 per share, for a total transaction of $3,680,000.00. Following the completion of the acquisition, the insider now directly owns 35,451,720 shares of the company’s stock, valued at $163,077,912. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders purchased 3,150,000 shares of company stock valued at $15,724,500 over the last 90 days. 27.17% of the stock is currently owned by company insiders.

Institutional Trading of Archer Aviation

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Janney Montgomery Scott LLC lifted its position in shares of Archer Aviation by 266.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 41,360 shares of the company’s stock worth $191,000 after acquiring an additional 30,075 shares during the period. PFG Investments LLC acquired a new stake in Archer Aviation during the first quarter worth $67,000. Hennion & Walsh Asset Management Inc. increased its holdings in Archer Aviation by 196.6% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 32,681 shares of the company’s stock valued at $151,000 after buying an additional 21,662 shares during the period. HighPoint Advisor Group LLC acquired a new position in shares of Archer Aviation in the 4th quarter valued at $75,000. Finally, Quadrature Capital Ltd bought a new position in shares of Archer Aviation during the 4th quarter worth about $578,000. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.