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

Archer Aviation (NYSE:ACHR) had its price target reduced by equities researchers at JPMorgan Chase & Co. from $7.00 to $5.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 26.42% from the stock’s current price.

Separately, Cantor Fitzgerald reissued an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a research note on Tuesday, February 27th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $9.00.

Archer Aviation Stock Performance

ACHR traded down $0.05 during midday trading on Friday, reaching $3.96. The company had a trading volume of 3,773,606 shares, compared to its average volume of 5,003,132. Archer Aviation has a 1 year low of $1.91 and a 1 year high of $7.49. The company has a quick ratio of 4.21, a current ratio of 4.21 and a debt-to-equity ratio of 0.06. The company has a market cap of $1.23 billion, a P/E ratio of -2.29 and a beta of 2.45. The business has a 50-day moving average of $4.43 and a two-hundred day moving average of $5.17.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Monday, February 26th. The company reported ($0.35) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.35). As a group, equities research analysts predict that Archer Aviation will post -1.45 earnings per share for the current fiscal year.

Insider Activity at Archer Aviation

In other Archer Aviation news, major shareholder N.V. Stellantis acquired 800,000 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was purchased at an average price of $4.83 per share, for a total transaction of $3,864,000.00. Following the acquisition, the insider now owns 36,251,720 shares in the company, valued at approximately $175,095,807.60. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have acquired a total of 3,150,000 shares of company stock valued at $15,724,500 over the last ninety days. 27.17% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ACHR. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Archer Aviation by 54.7% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,754,499 shares of the company’s stock worth $59,478,000 after buying an additional 4,154,340 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Archer Aviation by 20.1% in the 3rd quarter. Vanguard Group Inc. now owns 8,324,725 shares of the company’s stock worth $42,123,000 after buying an additional 1,394,872 shares during the period. ARK Investment Management LLC boosted its holdings in Archer Aviation by 4.7% in the fourth quarter. ARK Investment Management LLC now owns 24,907,280 shares of the company’s stock valued at $152,931,000 after acquiring an additional 1,116,908 shares during the last quarter. Vestmark Advisory Solutions Inc. purchased a new stake in Archer Aviation during the fourth quarter valued at about $3,825,000. Finally, Seven Eight Capital LP acquired a new position in shares of Archer Aviation in the 3rd quarter valued at about $2,739,000. 59.34% of the stock is currently owned by hedge funds and other institutional investors.

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.