Archer Aviation (NYSE:ACHR) Stock Price Down 5.1% – Here’s Why

Shares of Archer Aviation Inc. (NYSE:ACHR) were down 5.1% during trading on Thursday . The stock traded as low as $9.26 and last traded at $9.55. Approximately 19,547,553 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 32,208,227 shares. The stock had previously closed at $10.06.

Analysts Set New Price Targets

Several equities analysts have commented on ACHR shares. HC Wainwright reissued a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a report on Monday, December 16th. Cantor Fitzgerald raised their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. JPMorgan Chase & Co. lowered shares of Archer Aviation from an “overweight” rating to a “neutral” rating and raised their target price for the company from $6.00 to $9.00 in a report on Friday, January 10th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 target price on shares of Archer Aviation in a report on Thursday, January 16th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $11.25.

Archer Aviation Trading Down 2.3 %

The firm’s 50-day moving average is $9.59 and its 200 day moving average is $6.02. 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 firm has a market capitalization of $4.18 billion, a price-to-earnings ratio of -7.44 and a beta of 3.13.

Insider Buying and Selling

In other news, CTO Thomas Paul Muniz sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total value of $600,000.00. Following the transaction, the chief technology officer now owns 1,070,360 shares in the company, valued at approximately $12,844,320. The trade was a 4.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Tosha Perkins sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $6.40, for a total transaction of $960,000.00. Following the completion of the transaction, the insider now owns 197,355 shares in the company, valued at $1,263,072. This trade represents a 43.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,057,729 shares of company stock worth $8,473,770 in the last ninety days. Company insiders own 9.75% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of ACHR. Barclays PLC increased its stake in Archer Aviation by 272.7% during the 3rd quarter. Barclays PLC now owns 427,023 shares of the company’s stock valued at $1,294,000 after purchasing an additional 312,440 shares in the last quarter. HBK Investments L P bought a new stake in shares of Archer Aviation in the 3rd quarter worth $6,818,000. Yarbrough Capital LLC bought a new stake in shares of Archer Aviation in the 4th quarter worth $6,039,000. Benjamin Edwards Inc. grew its stake in shares of Archer Aviation by 12,656.1% in the 3rd quarter. Benjamin Edwards Inc. now owns 106,258 shares of the company’s stock worth $322,000 after acquiring an additional 105,425 shares in the last quarter. Finally, Apollon Wealth Management LLC bought a new position in Archer Aviation during the fourth quarter valued at about $296,000. 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.