Archer Aviation (NYSE:ACHR) Trading Down 0.8% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s stock price was down 0.8% on Tuesday . The company traded as low as $6.73 and last traded at $7.06. Approximately 7,620,786 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 19,443,774 shares. The stock had previously closed at $7.11.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ACHR. Needham & Company LLC lifted their price target on shares of Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Cantor Fitzgerald raised their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. HC Wainwright reissued a “buy” rating and issued a $12.50 target price on shares of Archer Aviation in a research report on Friday, February 28th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Finally, JPMorgan Chase & Co. cut Archer Aviation from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $6.00 to $9.00 in a research report on Friday, January 10th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $11.61.

Archer Aviation Trading Down 2.0 %

The firm has a market cap of $3.78 billion, a P/E ratio of -5.26 and a beta of 3.14. 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 business’s 50-day moving average is $8.72 and its two-hundred day moving average is $6.92.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.10. As a group, analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Tosha Perkins sold 49,273 shares of Archer Aviation stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $379,402.10. Following the sale, the insider now directly owns 232,396 shares in the company, valued at approximately $1,789,449.20. This trade represents a 17.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Thomas Paul Muniz sold 50,000 shares of the company’s stock in a transaction 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 directly owns 1,070,360 shares in the company, valued at $12,844,320. This represents a 4.46 % decrease in their position. 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 three months. Insiders own 9.75% of the company’s stock.

Institutional Investors Weigh In On Archer Aviation

Several hedge funds have recently added to or reduced their stakes in ACHR. Intech Investment Management LLC bought a new stake in shares of Archer Aviation in the third quarter worth about $206,000. Charles Schwab Investment Management Inc. boosted its stake in Archer Aviation by 5.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock worth $5,547,000 after purchasing an additional 94,430 shares in the last quarter. Townsquare Capital LLC raised its holdings in Archer Aviation by 25.6% in the 3rd quarter. Townsquare Capital LLC now owns 14,877 shares of the company’s stock worth $45,000 after acquiring an additional 3,033 shares during the last quarter. CreativeOne Wealth LLC lifted its holdings in shares of Archer Aviation by 99.0% during the third quarter. CreativeOne Wealth LLC now owns 96,432 shares of the company’s stock valued at $292,000 after purchasing an additional 47,975 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Archer Aviation by 15.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,341 shares of the company’s stock valued at $186,000 after purchasing an additional 8,431 shares during the period. Institutional investors own 59.34% of the company’s stock.

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.