Archer Aviation (NYSE:ACHR) Stock Price Down 4% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR)’s stock price dropped 4% on Tuesday . The company traded as low as $6.82 and last traded at $7.18. Approximately 18,867,548 shares changed hands during trading, an increase of 100% from the average daily volume of 9,436,165 shares. The stock had previously closed at $7.48.

Analysts Set New Price Targets

ACHR has been the topic of a number of recent analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $10.00 price target on shares of Archer Aviation in a research note on Monday, October 7th. Needham & Company LLC started coverage on shares of Archer Aviation in a research note on Tuesday, November 19th. They issued a “buy” rating and a $11.00 target price on the stock. Benchmark reissued a “buy” rating and issued a $12.00 target price on shares of Archer Aviation in a research note on Friday, August 9th. Finally, HC Wainwright started coverage on shares of Archer Aviation in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $12.50 target price on the stock. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Archer Aviation has an average rating of “Moderate Buy” and an average price target of $9.33.

Archer Aviation Stock Performance

The firm has a market cap of $3.44 billion, a PE ratio of -6.13 and a beta of 2.29. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock’s 50 day moving average price is $3.65 and its 200 day moving average price is $3.71.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the prior year, the business earned ($0.19) EPS. As a group, equities analysts forecast that Archer Aviation Inc. will post -1.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Adam D. Goldstein sold 805,170 shares of Archer Aviation stock in a transaction dated Tuesday, November 19th. The shares were 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 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 filing with the SEC, which is accessible through this hyperlink. Also, Director Deborah Diaz purchased 5,150 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was acquired at an average cost of $7.48 per share, with a total value of $38,522.00. Following the completion of the acquisition, the director now directly owns 98,886 shares in the company, valued at approximately $739,667.28. This trade represents a 5.49 % increase in their position. The disclosure for this purchase can be found here. 9.75% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Hollencrest Capital Management boosted its stake in Archer Aviation by 50.0% during the 2nd quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock valued at $32,000 after purchasing an additional 3,000 shares during the period. Townsquare Capital LLC boosted its stake in Archer Aviation by 25.6% during the 3rd quarter. Townsquare Capital LLC now owns 14,877 shares of the company’s stock valued at $45,000 after purchasing an additional 3,033 shares during the period. Tidal Investments LLC boosted its stake in Archer Aviation by 29.9% during the 3rd quarter. Tidal Investments LLC now owns 14,518 shares of the company’s stock valued at $44,000 after purchasing an additional 3,339 shares during the period. Hsbc Holdings PLC boosted its stake in Archer Aviation by 14.8% during the 2nd quarter. Hsbc Holdings PLC now owns 25,972 shares of the company’s stock valued at $89,000 after purchasing an additional 3,341 shares during the period. Finally, CWM LLC boosted its stake in Archer Aviation by 62.0% during the 2nd quarter. CWM LLC now owns 9,300 shares of the company’s stock valued at $33,000 after purchasing an additional 3,559 shares during the period. 59.34% of the stock is owned by institutional investors and hedge funds.

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.