Archer Aviation (NYSE:ACHR) Shares Down 8.7% – Here’s What Happened

Shares of Archer Aviation Inc. (NYSE:ACHR) were down 8.7% on Monday . The stock traded as low as $8.15 and last traded at $8.34. Approximately 18,024,075 shares traded hands during trading, a decline of 45% from the average daily volume of 32,590,834 shares. The stock had previously closed at $9.13.

Wall Street Analysts Forecast Growth

ACHR has been the topic of a number of research reports. Cantor Fitzgerald boosted their price objective on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Needham & Company LLC reissued a “buy” rating and issued a $11.00 price target on shares of Archer Aviation in a research report on Thursday, January 16th. JPMorgan Chase & Co. downgraded shares of Archer Aviation from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $6.00 to $9.00 in a report on Friday, January 10th. Canaccord Genuity Group reduced their price objective on shares of Archer Aviation from $14.00 to $13.00 and set a “buy” rating for the company in a research note on Wednesday, February 12th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Archer Aviation currently has a consensus rating of “Moderate Buy” and an average target price of $11.33.

Archer Aviation Trading Down 7.5 %

The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03. The stock has a market cap of $3.59 billion, a P/E ratio of -6.39 and a beta of 3.13. The firm’s fifty day moving average price is $9.66 and its two-hundred day moving average price is $6.12.

Insiders Place Their Bets

In related news, major shareholder N.V. Stellantis purchased 751,879 shares of Archer Aviation stock in a transaction that occurred on Wednesday, December 11th. The shares were acquired at an average cost of $6.65 per share, for a total transaction of $4,999,995.35. Following the transaction, the insider now directly owns 60,486,841 shares in the company, valued at $402,237,492.65. The trade was a 1.26 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Tosha Perkins sold 150,000 shares of the firm’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 represents a 43.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,057,729 shares of company stock worth $8,473,770 in the last ninety days. 9.75% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Archer Aviation

Several institutional investors have recently added to or reduced their stakes in the company. Sunbelt Securities Inc. purchased a new stake in shares of Archer Aviation during the fourth quarter worth about $27,000. PharVision Advisers LLC bought a new stake in shares of Archer Aviation during the 4th quarter valued at $187,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Archer Aviation by 62.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 558,603 shares of the company’s stock worth $5,446,000 after purchasing an additional 215,593 shares during the period. Vident Advisory LLC purchased a new stake in shares of Archer Aviation in the 4th quarter worth approximately $186,000. Finally, Two Sigma Advisers LP bought a new position in shares of Archer Aviation during the fourth quarter valued at $2,877,000. Hedge funds and other institutional investors 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.