Archer Aviation (NYSE:ACHR) Trading Down 1.5% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s stock price was down 1.5% on Thursday . The company traded as low as $9.42 and last traded at $9.60. Approximately 12,180,569 shares traded hands during mid-day trading, a decline of 10% from the average daily volume of 13,498,217 shares. The stock had previously closed at $9.75.

Wall Street Analysts Forecast Growth

ACHR has been the subject of several research reports. Needham & Company LLC assumed coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price objective for the company. Cantor Fitzgerald increased 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 boosted their price objective on shares of Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Deutsche Bank Aktiengesellschaft increased their price objective on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Finally, HC Wainwright restated a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research report on Monday, December 16th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Archer Aviation has a consensus rating of “Moderate Buy” and an average target price of $10.63.

Archer Aviation Trading Up 20.3 %

The company’s fifty day simple moving average is $6.93 and its two-hundred day simple moving average is $4.78. The company has a market capitalization of $4.89 billion, a price-to-earnings ratio of -8.72 and a beta of 3.19. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter last year, the business posted ($0.19) earnings per share. Research analysts forecast that Archer Aviation Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Transactions at Archer Aviation

In related news, major shareholder N.V. Stellantis acquired 751,879 shares of the firm’s stock in a transaction dated Wednesday, December 11th. The stock was bought at an average price of $6.65 per share, for a total transaction of $4,999,995.35. Following the acquisition, the insider now directly owns 60,486,841 shares of the company’s stock, valued at approximately $402,237,492.65. The trade was a 1.26 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Deborah Diaz purchased 5,150 shares of Archer Aviation stock in a transaction that occurred on Monday, November 25th. The shares were bought at an average cost of $7.48 per share, with a total value of $38,522.00. Following the completion of the transaction, the director now directly owns 98,886 shares of the company’s stock, valued at approximately $739,667.28. The trade was a 5.49 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders bought 776,791 shares of company stock valued at $5,139,699 and sold 1,812,899 shares valued at $11,601,707. 9.75% of the stock is owned by insiders.

Institutional Trading of Archer Aviation

Large investors have recently added to or reduced their stakes in the company. Barclays PLC lifted its position in shares of Archer Aviation by 272.7% in the third quarter. Barclays PLC now owns 427,023 shares of the company’s stock valued at $1,294,000 after buying an additional 312,440 shares during the last quarter. HBK Investments L P acquired a new stake in Archer Aviation during the 3rd quarter valued at $6,818,000. Benjamin Edwards Inc. boosted its position in Archer Aviation by 12,656.1% during the third quarter. Benjamin Edwards Inc. now owns 106,258 shares of the company’s stock worth $322,000 after purchasing an additional 105,425 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Archer Aviation by 5.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock valued at $5,547,000 after purchasing an additional 94,430 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Archer Aviation by 5.6% in the third quarter. Geode Capital Management LLC now owns 5,110,392 shares of the company’s stock valued at $15,487,000 after purchasing an additional 268,896 shares during the period. 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.