Archer Aviation (NYSE:ACHR) Stock Price Down 2.6% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) shares traded down 2.6% during mid-day trading on Tuesday . The stock traded as low as $7.98 and last traded at $8.09. 6,410,878 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 18,663,295 shares. The stock had previously closed at $8.31.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Cantor Fitzgerald increased their target price on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. JPMorgan Chase & Co. lowered Archer Aviation from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from $6.00 to $9.00 in a research report on Friday, January 10th. Raymond James increased their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a research report on Friday, February 21st. Finally, HC Wainwright restated a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a report on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $11.61.

Archer Aviation Stock Performance

The stock has a fifty day moving average of $8.95 and a 200-day moving average of $6.58. The firm has a market capitalization of $4.50 billion, a P/E ratio of -6.30 and a beta of 3.14. 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 results on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.10. On average, research analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Buying and Selling at Archer Aviation

In other news, Director Michael Spellacy sold 191,513 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $10.00, for a total transaction of $1,915,130.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Thomas Paul Muniz sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $12.00, for a total transaction of $600,000.00. Following the transaction, the chief technology officer now directly owns 1,070,360 shares in the company, valued at $12,844,320. This represents a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 495,498 shares of company stock worth $4,470,815 over the last 90 days. Company insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

A number of institutional investors have recently added to or reduced their stakes in the business. Sunbelt Securities Inc. bought a new position in Archer Aviation in the fourth quarter worth approximately $27,000. Conquis Financial LLC purchased a new position in Archer Aviation during the fourth quarter worth about $29,000. Harbour Investments Inc. grew its position in Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock worth $30,000 after purchasing an additional 1,095 shares in the last quarter. Oarsman Capital Inc. increased its stake in Archer Aviation by 471.7% in the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock valued at $30,000 after buying an additional 2,547 shares during the last quarter. Finally, Anchor Investment Management LLC lifted its position in shares of Archer Aviation by 58.3% during the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock worth $32,000 after buying an additional 1,224 shares in the last quarter. 59.34% of the stock is owned by institutional investors.

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.