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

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

Separately, Cantor Fitzgerald reiterated an overweight rating and set 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, According to data from MarketBeat, the company presently has an average rating of Buy and a consensus target price of $9.00.

Archer Aviation Price Performance

ACHR stock opened at $3.96 on Friday. 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’s fifty day simple moving average is $4.41 and its 200 day simple moving average is $5.16. Archer Aviation has a 12-month low of $1.91 and a 12-month 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 released its earnings results on Monday, February 26th. The company reported ($0.35) EPS for the quarter, hitting the consensus estimate of ($0.35). On average, analysts expect that Archer Aviation will post -1.45 earnings per share for the current year.

Insiders Place Their Bets

In other Archer Aviation news, major shareholder N.V. Stellantis purchased 800,000 shares of Archer Aviation stock in a transaction that occurred on Friday, March 8th. The stock was acquired at an average price of $4.60 per share, with a total value of $3,680,000.00. Following the transaction, the insider now owns 35,451,720 shares in the company, valued at approximately $163,077,912. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders have bought 3,150,000 shares of company stock worth $15,724,500. Corporate insiders own 27.17% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds have recently added to or reduced their stakes in ACHR. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Archer Aviation by 54.7% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 11,754,499 shares of the company’s stock valued at $59,478,000 after purchasing an additional 4,154,340 shares in the last quarter. Vanguard Group Inc. boosted its stake 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 last quarter. ARK Investment Management LLC grew its holdings in shares of 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 in the last quarter. Vestmark Advisory Solutions Inc. purchased a new stake in shares of Archer Aviation during the fourth quarter valued at approximately $3,825,000. Finally, Seven Eight Capital LP bought a new stake in Archer Aviation during the third quarter worth $2,739,000. Institutional investors and hedge funds own 59.34% of the company’s stock.

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.