JPMorgan Chase & Co. Issues Pessimistic Forecast for Archer Aviation (NYSE:ACHR) Stock Price

Archer Aviation (NYSE:ACHR) had its price objective lowered by analysts at JPMorgan Chase & Co. from $10.00 to $8.00 in a report issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential downside of 2.38% from the stock’s current price.

Several other research firms have also recently weighed in on ACHR. HC Wainwright reiterated a “buy” rating and issued a $18.00 price target on shares of Archer Aviation in a report on Tuesday, August 12th. Needham & Company LLC dropped their price target on Archer Aviation from $13.00 to $10.00 and set a “buy” rating on the stock in a research note on Friday. Weiss Ratings restated a “sell (d-)” rating on shares of Archer Aviation in a report on Wednesday, October 8th. UBS Group reaffirmed a “buy” rating on shares of Archer Aviation in a research report on Thursday, July 17th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Archer Aviation in a research report on Monday, October 27th. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $12.71.

Archer Aviation Price Performance

Shares of ACHR stock opened at $8.20 on Friday. The company has a quick ratio of 22.30, a current ratio of 22.30 and a debt-to-equity ratio of 0.05. Archer Aviation has a 12-month low of $3.49 and a 12-month high of $14.62. The firm has a fifty day moving average of $10.29 and a 200-day moving average of $10.24. The firm has a market capitalization of $5.29 billion, a price-to-earnings ratio of -6.50 and a beta of 3.07.

Archer Aviation (NYSE:ACHR) last posted its 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, equities research analysts forecast that Archer Aviation will post -1.32 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Tosha Perkins sold 42,775 shares of Archer Aviation 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 sale, the insider owned 295,337 shares of the company’s stock, valued at approximately $2,903,162.71. The trade was a 12.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Eric Lentell sold 48,936 shares of the firm’s stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $9.83, for a total value of $481,040.88. Following the completion of the transaction, the insider owned 47,518 shares of the company’s stock, valued at approximately $467,101.94. This represents a 50.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 188,068 shares of company stock worth $1,848,708 over the last 90 days. 7.65% of the stock is currently owned by insiders.

Institutional Trading of Archer Aviation

A number of large investors have recently added to or reduced their stakes in the company. Allworth Financial LP increased its stake in shares of Archer Aviation by 87.0% during the 1st quarter. Allworth Financial LP now owns 3,577 shares of the company’s stock worth $25,000 after purchasing an additional 1,664 shares during the last quarter. Strs Ohio bought a new position in Archer Aviation during the first quarter worth about $27,000. Tidemark LLC increased its position in Archer Aviation by 100.0% during the first quarter. Tidemark LLC now owns 4,000 shares of the company’s stock worth $28,000 after buying an additional 2,000 shares during the last quarter. AlphaQuest LLC raised its stake in Archer Aviation by 1,181.6% in the second quarter. AlphaQuest LLC now owns 2,576 shares of the company’s stock valued at $28,000 after buying an additional 2,375 shares during the period. Finally, Johnson Investment Counsel Inc. acquired a new stake in shares of Archer Aviation in the third quarter valued at approximately $29,000. 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.