Archer Aviation (NYSE:ACHR) Stock Price Down 3.2% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) shares traded down 3.2% during mid-day trading on Monday . The company traded as low as $8.78 and last traded at $8.80. 27,394,284 shares traded hands during trading, a decline of 36% from the average session volume of 43,078,868 shares. The stock had previously closed at $9.09.

Analyst Ratings Changes

ACHR has been the topic of a number of research analyst reports. Cantor Fitzgerald upped their price target 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. JPMorgan Chase & Co. lowered shares of Archer Aviation from an “overweight” rating to a “neutral” rating and raised their target price for the stock from $6.00 to $9.00 in a research report on Friday, January 10th. HC Wainwright reiterated a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a report on Monday, December 16th. Canaccord Genuity Group raised their price objective on Archer Aviation from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $11.00 target price on shares of Archer Aviation in a report on Thursday. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.38.

Archer Aviation Stock Down 3.2 %

The business has a 50 day moving average of $8.17 and a two-hundred day moving average of $5.22. 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 capitalization of $3.74 billion, a PE ratio of -6.66 and a beta of 3.15.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.05). During the same quarter last year, the company posted ($0.19) EPS. Analysts predict that Archer Aviation Inc. will post -1.33 EPS for the current year.

Insider Activity

In related news, Director Deborah Diaz acquired 5,150 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was purchased at an average cost of $7.48 per share, with a total value of $38,522.00. Following the transaction, the director now directly owns 98,886 shares of the company’s stock, valued at $739,667.28. This trade represents a 5.49 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Adam D. Goldstein bought 19,762 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were bought at an average cost of $5.12 per share, for a total transaction of $101,181.44. Following the transaction, the chief executive officer now owns 2,014,890 shares in the company, valued at $10,316,236.80. The trade was a 0.99 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 776,791 shares of company stock worth $5,139,699 and sold 1,862,899 shares worth $12,201,707. Company insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

Several large investors have recently added to or reduced their stakes in the company. Miller Wealth Advisors LLC purchased a new position in shares of Archer Aviation in the third quarter worth about $26,000. Code Waechter LLC acquired a new position in Archer Aviation in the 3rd quarter worth approximately $30,000. Azzad Asset Management Inc. ADV acquired a new position in Archer Aviation in the 3rd quarter worth approximately $31,000. Cyndeo Wealth Partners LLC acquired a new stake in Archer Aviation during the 3rd quarter valued at approximately $36,000. Finally, Narwhal Capital Management acquired a new stake in Archer Aviation during the 3rd quarter valued at approximately $40,000. 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.