Archer Aviation (NYSE:ACHR) Stock Price Down 5.4% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) shares traded down 5.4% during mid-day trading on Thursday . The stock traded as low as $6.62 and last traded at $6.81. 8,546,344 shares were traded during trading, a decline of 56% from the average session volume of 19,574,876 shares. The stock had previously closed at $7.20.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ACHR. Deutsche Bank Aktiengesellschaft raised their price target on Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Needham & Company LLC lifted their target price on shares of Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, February 28th. HC Wainwright reiterated a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a research report on Friday, February 28th. JPMorgan Chase & Co. cut Archer Aviation from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $6.00 to $9.00 in a report on Friday, January 10th. Finally, Canaccord Genuity Group increased their price objective on shares of Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a research report on Friday, February 28th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.61.

Archer Aviation Stock Down 3.8 %

The business has a fifty day moving average of $8.61 and a two-hundred day moving average of $6.95. The company has a market cap of $3.76 billion, a price-to-earnings ratio of -5.25 and a beta of 3.14. The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16.

Archer Aviation (NYSE:ACHR) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.10. As a group, equities analysts anticipate that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In other Archer Aviation news, CFO Mark Mesler sold 62,258 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 $479,386.60. Following the transaction, the chief financial officer now owns 630,243 shares of the company’s stock, valued at approximately $4,852,871.10. This trade represents a 8.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Thomas Paul Muniz sold 99,224 shares of Archer Aviation stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $764,024.80. Following the completion of the transaction, the chief technology officer now directly owns 1,131,443 shares in the company, valued at $8,712,111.10. The trade was a 8.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 474,780 shares of company stock worth $3,758,081. Corporate insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

Several large investors have recently bought and sold shares of ACHR. Sunbelt Securities Inc. acquired a new position in Archer Aviation in the 4th quarter valued at about $27,000. Conquis Financial LLC purchased a new position in shares of Archer Aviation during the fourth quarter valued at approximately $29,000. Oarsman Capital Inc. boosted its position 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 during the last quarter. Harbour Investments Inc. boosted its position in Archer Aviation by 54.7% during the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock worth $30,000 after acquiring an additional 1,095 shares during the last quarter. Finally, Anchor Investment Management LLC grew its stake in Archer Aviation by 58.3% in the 4th 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 period. Institutional investors and hedge funds 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.