Archer Aviation (NYSE:ACHR) Stock Price Down 8% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s stock price dropped 8% during mid-day trading on Friday . The company traded as low as $7.10 and last traded at $7.24. Approximately 9,925,602 shares changed hands during trading, a decline of 48% from the average daily volume of 19,182,696 shares. The stock had previously closed at $7.86.

Analyst Upgrades and Downgrades

ACHR has been the topic of several research analyst reports. Raymond James lifted their price target on Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft upped their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. HC Wainwright restated a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a research note on Friday, February 28th. JPMorgan Chase & Co. lowered Archer Aviation from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $6.00 to $9.00 in a report on Friday, January 10th. Finally, Canaccord Genuity Group upped their price objective on Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a research note on Friday, February 28th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $11.61.

Archer Aviation Trading Down 7.8 %

The business has a fifty day moving average of $8.78 and a two-hundred day moving average of $6.81. The firm has a market cap of $3.93 billion, a price-to-earnings ratio of -5.49 and a beta of 3.14. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03.

Archer Aviation (NYSE:ACHR) last announced its quarterly 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. As a group, equities analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Transactions at Archer Aviation

In other Archer Aviation news, CFO Mark Mesler sold 62,258 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $479,386.60. Following the transaction, the chief financial officer now directly owns 630,243 shares in the company, valued at approximately $4,852,871.10. This represents a 8.99 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Thomas Paul Muniz sold 99,224 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $764,024.80. Following the sale, the chief technology officer now directly owns 1,131,443 shares in the company, valued at $8,712,111.10. This represents a 8.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 303,985 shares of company stock valued at $2,555,685 in the last ninety days. Corporate insiders own 9.75% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ACHR. Sunbelt Securities Inc. purchased a new stake in shares of Archer Aviation in the fourth quarter valued at $27,000. Conquis Financial LLC purchased a new stake in Archer Aviation in the 4th quarter valued at about $29,000. Harbour Investments Inc. increased its stake in shares of Archer Aviation by 54.7% during the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after acquiring an additional 1,095 shares during the last quarter. Oarsman Capital Inc. lifted its holdings in shares of Archer Aviation by 471.7% during the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock worth $30,000 after acquiring an additional 2,547 shares during the period. Finally, Anchor Investment Management LLC boosted its position in shares of Archer Aviation by 58.3% in the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock worth $32,000 after acquiring an additional 1,224 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.