Archer Aviation (NYSE:ACHR) Stock Price Down 3.4% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s share price fell 3.4% on Thursday . The stock traded as low as $7.57 and last traded at $7.85. 7,959,105 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 32,643,453 shares. The stock had previously closed at $8.13.

Analyst Ratings Changes

A number of research analysts have commented on ACHR shares. Needham & Company LLC increased their target price on Archer Aviation from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Cantor Fitzgerald lifted their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Canaccord Genuity Group increased their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a report on Friday, February 28th. Raymond James boosted their price objective 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, Deutsche Bank Aktiengesellschaft lifted their target price on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Archer Aviation has a consensus rating of “Moderate Buy” and a consensus price target of $11.61.

Archer Aviation Price Performance

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 stock has a market cap of $3.19 billion, a PE ratio of -5.66 and a beta of 3.13. The stock has a 50 day moving average of $9.45 and a two-hundred day moving average of $6.35.

Archer Aviation (NYSE:ACHR) last issued its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.10. Equities analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Transactions at Archer Aviation

In related news, major shareholder N.V. Stellantis bought 751,879 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was bought at an average cost of $6.65 per share, with a total value of $4,999,995.35. Following the completion of the purchase, the insider now owns 60,486,841 shares in the company, valued at approximately $402,237,492.65. The trade was a 1.26 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, General Counsel Eric Lentell sold 43,230 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $332,871.00. Following the completion of the transaction, the general counsel now owns 53,225 shares of the company’s stock, valued at $409,832.50. This trade represents a 44.82 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,046,926 shares of company stock valued at $8,695,783. Corporate insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

A number of hedge funds and other institutional investors have recently bought and sold shares of ACHR. Miller Wealth Advisors LLC acquired a new position in shares of Archer Aviation during the 3rd quarter worth about $26,000. Sunbelt Securities Inc. bought a new stake in Archer Aviation in the fourth quarter valued at approximately $27,000. Conquis Financial LLC bought a new stake in shares of Archer Aviation in the 4th quarter valued at $29,000. Harbour Investments Inc. raised its stake in Archer Aviation by 54.7% during the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock worth $30,000 after buying an additional 1,095 shares during the period. Finally, Oarsman Capital Inc. lifted its holdings in Archer Aviation by 471.7% during the fourth quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock worth $30,000 after acquiring an additional 2,547 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.