JPMorgan Chase & Co. Downgrades Archer Aviation (NYSE:ACHR) to Neutral

Archer Aviation (NYSE:ACHR) was downgraded by JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report released on Friday,Briefing.com Automated Import reports. They currently have a $9.00 target price on the stock, up from their prior target price of $6.00. JPMorgan Chase & Co.‘s price target would suggest a potential downside of 14.29% from the stock’s previous close.

Several other equities research analysts have also weighed in on ACHR. Deutsche Bank Aktiengesellschaft boosted their price objective on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Cantor Fitzgerald upped their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Canaccord Genuity Group raised their price target on Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday. Needham & Company LLC started coverage on shares of Archer Aviation in a research note on Tuesday, November 19th. They set a “buy” rating and a $11.00 price objective for the company. Finally, HC Wainwright restated a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a research report on Monday, December 16th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, Archer Aviation presently has an average rating of “Moderate Buy” and an average target price of $11.38.

Archer Aviation Price Performance

Shares of NYSE:ACHR opened at $10.50 on Friday. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a market cap of $4.47 billion, a PE ratio of -7.95 and a beta of 3.15. The stock’s fifty day simple moving average is $7.39 and its two-hundred day simple moving average is $4.96. Archer Aviation has a 1-year low of $2.82 and a 1-year high of $12.48.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the previous year, the company earned ($0.19) EPS. As a group, analysts forecast that Archer Aviation will post -1.28 EPS for the current fiscal year.

Insider Transactions at Archer Aviation

In other Archer Aviation news, CEO Adam D. Goldstein acquired 19,762 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The shares were acquired at an average price of $5.12 per share, with a total value of $101,181.44. Following the completion of the purchase, the chief executive officer now directly owns 2,014,890 shares of the company’s stock, valued at approximately $10,316,236.80. The trade was a 0.99 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Michael Spellacy sold 191,513 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $10.00, for a total transaction of $1,915,130.00. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 776,791 shares of company stock valued at $5,139,699 and sold 1,812,899 shares valued at $11,601,707. Corporate insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Hedge funds have recently bought and sold shares of the company. Hollencrest Capital Management grew its stake in shares of Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after acquiring an additional 3,000 shares during the period. Townsquare Capital LLC raised its stake in Archer Aviation by 25.6% during the 3rd quarter. Townsquare Capital LLC now owns 14,877 shares of the company’s stock valued at $45,000 after buying an additional 3,033 shares during the last quarter. Tidal Investments LLC lifted its holdings in shares of Archer Aviation by 29.9% during the 3rd quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock valued at $44,000 after buying an additional 3,339 shares during the period. Hsbc Holdings PLC boosted its stake in shares of Archer Aviation by 14.8% in the 2nd quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock worth $89,000 after buying an additional 3,341 shares during the last quarter. Finally, Versant Capital Management Inc boosted its stake in shares of Archer Aviation by 74.3% in the 4th quarter. Versant Capital Management Inc now owns 8,048 shares of the company’s stock worth $78,000 after buying an additional 3,430 shares during the last quarter. Institutional investors 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.