Archer Aviation (NYSE:ACHR) Cut to “Neutral” at JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered shares of Archer Aviation (NYSE:ACHR) from an overweight rating to a neutral rating in a report released on Friday, MarketBeat Ratings reports. The brokerage currently has $9.00 price target on the stock, up from their prior price target of $6.00.

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

Archer Aviation Price Performance

NYSE:ACHR opened at $8.95 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. Archer Aviation has a one year low of $2.82 and a one year high of $12.48. The company has a fifty day moving average price of $7.54 and a 200 day moving average price of $4.99. The stock has a market cap of $3.81 billion, a P/E ratio of -6.78 and a beta of 3.15.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter last year, the business earned ($0.19) EPS. Analysts anticipate that Archer Aviation will post -1.28 earnings per share for the current year.

Insider Buying and Selling at Archer Aviation

In other news, Director Michael Spellacy sold 191,513 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $10.00, for a total transaction of $1,915,130.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Thomas Paul Muniz sold 50,000 shares of the stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total transaction of $600,000.00. Following the sale, the chief technology officer now directly owns 1,070,360 shares in the company, valued at $12,844,320. This trade represents a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 776,791 shares of company stock worth $5,139,699 and have sold 1,862,899 shares worth $12,201,707. Company insiders own 9.75% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Miller Wealth Advisors LLC bought a new stake in shares of Archer Aviation during the third quarter worth $26,000. Code Waechter LLC bought a new stake in Archer Aviation during the 3rd quarter worth about $30,000. Azzad Asset Management Inc. ADV acquired a new position in Archer Aviation during the 3rd quarter valued at about $31,000. Hollencrest Capital Management boosted its stake in shares of Archer Aviation by 50.0% in the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after purchasing an additional 3,000 shares during the last quarter. Finally, Cyndeo Wealth Partners LLC acquired a new stake in shares of Archer Aviation during the 3rd quarter worth approximately $36,000. 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.