Archer Aviation (NYSE:ACHR) Trading Down 1.7% – What’s Next?

Shares of Archer Aviation Inc. (NYSE:ACHR) dropped 1.7% on Friday . The stock traded as low as $9.00 and last traded at $9.00. Approximately 15,605,336 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 27,545,693 shares. The stock had previously closed at $9.15.

Analyst Upgrades and Downgrades

ACHR has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft increased their price target on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Friday, December 13th. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $6.00 to $9.00 in a research note on Friday, January 10th. Cantor Fitzgerald increased their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Needham & Company LLC reaffirmed a “buy” rating and set a $11.00 price target on shares of Archer Aviation in a research note on Thursday, January 16th. Finally, Canaccord Genuity Group raised their price objective on Archer Aviation from $11.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $11.38.

Archer Aviation Trading Down 1.5 %

The firm has a 50-day simple moving average of $9.21 and a 200-day simple moving average of $5.67. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a market cap of $3.83 billion, a PE ratio of -6.83 and a beta of 3.14.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results 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 period last year, the firm earned ($0.19) EPS. Equities analysts forecast that Archer Aviation Inc. will post -1.31 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Trading of Archer Aviation

Several institutional investors and hedge funds have recently modified their holdings of ACHR. The Manufacturers Life Insurance Company increased its stake in Archer Aviation by 42.6% in the second quarter. The Manufacturers Life Insurance Company now owns 120,870 shares of the company’s stock worth $425,000 after purchasing an additional 36,130 shares during the period. Algert Global LLC bought a new position in Archer Aviation in the second quarter worth about $76,000. Code Waechter LLC purchased a new position in Archer Aviation in the third quarter worth $30,000. Creative Planning raised its stake in Archer Aviation by 74.1% in the third quarter. Creative Planning now owns 28,851 shares of the company’s stock valued at $87,000 after buying an additional 12,278 shares during the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd grew its position in Archer Aviation by 88.9% during the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 55,732 shares of the company’s stock worth $169,000 after purchasing an additional 26,222 shares during the last quarter. 59.34% of the stock is currently 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.