Archer Aviation (NYSE:ACHR) Stock Price Down 0.5% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s share price dropped 0.5% on Wednesday . The stock traded as low as $9.08 and last traded at $9.12. Approximately 6,034,540 shares changed hands during trading, a decline of 80% from the average daily volume of 30,271,029 shares. The stock had previously closed at $9.16.

Analyst Ratings Changes

ACHR has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. cut shares of Archer Aviation from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Canaccord Genuity Group upped their target price on shares of Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Needham & Company LLC restated a “buy” rating and issued a $11.00 price objective on shares of Archer Aviation in a report on Thursday, January 16th. Finally, Cantor Fitzgerald increased their target price 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. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Archer Aviation currently has an average rating of “Moderate Buy” and a consensus price target of $11.38.

Archer Aviation Price Performance

The company has a market cap of $4.09 billion, a P/E ratio of -7.28 and a beta of 3.15. The company’s 50-day moving average price is $9.02 and its 200-day moving average price is $5.52. 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 (NYSE:ACHR) last released its earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter last year, the company earned ($0.19) EPS. As a group, sell-side analysts predict that Archer Aviation Inc. will post -1.31 earnings per share for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In other news, CEO Adam D. Goldstein sold 805,170 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the completion of the sale, the chief executive officer now owns 4,197,136 shares in the company, valued at approximately $19,432,739.68. This trade represents a 16.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Thomas Paul Muniz sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $12.00, for a total transaction of $600,000.00. Following the sale, the chief technology officer now owns 1,070,360 shares of the company’s stock, valued at approximately $12,844,320. This represents a 4.46 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders bought 776,791 shares of company stock worth $5,139,699 and sold 1,862,899 shares worth $12,201,707. Corporate insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

A number of hedge funds have recently modified their holdings of ACHR. HBK Investments L P acquired a new stake in Archer Aviation in the 3rd quarter worth about $6,818,000. Sora Investors LLC acquired a new stake in Archer Aviation in the 3rd quarter worth about $3,429,000. Yarbrough Capital LLC acquired a new stake in Archer Aviation in the 4th quarter worth about $6,039,000. Stifel Financial Corp raised its stake in Archer Aviation by 574.5% in the 3rd quarter. Stifel Financial Corp now owns 459,171 shares of the company’s stock worth $1,391,000 after purchasing an additional 391,092 shares in the last quarter. Finally, Barclays PLC raised its stake in Archer Aviation by 272.7% in the 3rd quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after purchasing an additional 312,440 shares in the last quarter. 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.