Archer Aviation (NYSE:ACHR) Shares Down 0.6% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s stock price dropped 0.6% on Thursday . The company traded as low as $9.10 and last traded at $9.10. Approximately 7,576,621 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 27,576,553 shares. The stock had previously closed at $9.15.

Analysts Set New Price Targets

ACHR has been the topic of a number of analyst reports. Needham & Company LLC restated a “buy” rating and set a $11.00 target price on shares of Archer Aviation in a research report on Thursday, January 16th. Canaccord Genuity Group raised their price objective on Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. JPMorgan Chase & Co. lowered Archer Aviation from an “overweight” rating to a “neutral” rating and upped their target price for the company from $6.00 to $9.00 in a research note on Friday, January 10th. HC Wainwright reiterated a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research report on Monday, December 16th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $11.38.

Archer Aviation Trading Down 1.5 %

The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The company has a market capitalization of $3.83 billion, a PE ratio of -6.83 and a beta of 3.14. The business has a fifty day moving average price of $9.21 and a 200 day moving average price of $5.67.

Archer Aviation (NYSE:ACHR) last released 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 period in the prior year, the firm posted ($0.19) EPS. Analysts expect that Archer Aviation Inc. will post -1.31 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Adam D. Goldstein sold 805,170 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the transaction, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at approximately $19,432,739.68. The trade was a 16.10 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder N.V. Stellantis acquired 751,879 shares of the stock in a transaction on Wednesday, December 11th. The stock was purchased at an average cost of $6.65 per share, with a total value of $4,999,995.35. Following the transaction, the insider now directly owns 60,486,841 shares of the company’s stock, valued at $402,237,492.65. This represents a 1.26 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders acquired 776,791 shares of company stock valued at $5,139,699 and sold 1,862,899 shares valued at $12,201,707. 9.75% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Archer Aviation

A number of institutional investors have recently added to or reduced their stakes in ACHR. The Manufacturers Life Insurance Company grew its stake in shares of Archer Aviation by 42.6% during the second quarter. The Manufacturers Life Insurance Company now owns 120,870 shares of the company’s stock valued at $425,000 after acquiring an additional 36,130 shares in the last quarter. Algert Global LLC acquired a new stake in Archer Aviation during the 2nd quarter valued at approximately $76,000. Code Waechter LLC purchased a new stake in Archer Aviation during the 3rd quarter worth approximately $30,000. Creative Planning boosted its stake in shares of Archer Aviation by 74.1% during the 3rd 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 boosted its stake in shares of 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 valued at $169,000 after buying an additional 26,222 shares during the last quarter. 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.