JPMorgan Chase & Co. Cuts Archer Aviation (NYSE:ACHR) Price Target to $8.00

Archer Aviation (NYSE:ACHR) had its price objective cut by JPMorgan Chase & Co. from $10.00 to $8.00 in a report issued on Friday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other research firms have also weighed in on ACHR. HC Wainwright reissued a “buy” rating and issued a $18.00 target price on shares of Archer Aviation in a report on Tuesday, August 12th. Needham & Company LLC lowered their price objective on shares of Archer Aviation from $13.00 to $10.00 and set a “buy” rating on the stock in a research note on Friday. Canaccord Genuity Group restated a “buy” rating on shares of Archer Aviation in a report on Thursday, July 17th. UBS Group restated a “buy” rating on shares of Archer Aviation in a research report on Thursday, July 17th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, October 8th. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Archer Aviation presently has a consensus rating of “Moderate Buy” and an average target price of $12.71.

Archer Aviation Stock Down 7.7%

ACHR stock opened at $8.20 on Friday. The company has a current ratio of 18.19, a quick ratio of 18.19 and a debt-to-equity ratio of 0.05. The company’s 50-day moving average price is $10.29 and its 200 day moving average price is $10.25. Archer Aviation has a 52 week low of $3.49 and a 52 week high of $14.62. The company has a market cap of $5.29 billion, a P/E ratio of -6.50 and a beta of 3.07.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.20). On average, research analysts expect that Archer Aviation will post -1.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Eric Lentell sold 48,936 shares of the company’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $9.83, for a total value of $481,040.88. Following the completion of the transaction, the insider directly owned 47,518 shares in the company, valued at approximately $467,101.94. This represents a 50.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Tosha Perkins sold 42,775 shares of the firm’s stock in a transaction dated 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 sale, the insider directly owned 295,337 shares in the company, valued at approximately $2,903,162.71. The trade was a 12.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 188,068 shares of company stock valued at $1,848,708. Insiders own 7.65% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Bank of Jackson Hole Trust increased its stake in Archer Aviation by 45.9% during the 3rd quarter. Bank of Jackson Hole Trust now owns 3,136 shares of the company’s stock worth $30,000 after buying an additional 986 shares during the period. Farther Finance Advisors LLC lifted its stake in shares of Archer Aviation by 45.7% in the second quarter. Farther Finance Advisors LLC now owns 3,524 shares of the company’s stock worth $38,000 after acquiring an additional 1,106 shares in the last quarter. Prime Capital Investment Advisors LLC boosted its holdings in Archer Aviation by 2.5% in the third quarter. Prime Capital Investment Advisors LLC now owns 46,262 shares of the company’s stock valued at $443,000 after purchasing an additional 1,107 shares during the last quarter. Moody National Bank Trust Division grew its stake in Archer Aviation by 0.7% during the 2nd quarter. Moody National Bank Trust Division now owns 169,345 shares of the company’s stock valued at $1,837,000 after purchasing an additional 1,211 shares in the last quarter. Finally, HighPoint Advisor Group LLC grew its position in shares of Archer Aviation by 3.6% during the third quarter. HighPoint Advisor Group LLC now owns 35,919 shares of the company’s stock worth $344,000 after buying an additional 1,237 shares in the last quarter. 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.