Archer Aviation (NYSE:ACHR) Stock Price Down 10.5% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) shares dropped 10.5% on Monday . The company traded as low as $9.82 and last traded at $10.01. Approximately 18,452,696 shares were traded during mid-day trading, an increase of 39% from the average daily volume of 13,322,705 shares. The stock had previously closed at $11.18.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ACHR. Needham & Company LLC began coverage on shares of Archer Aviation in a research report on Tuesday, November 19th. They issued a “buy” rating and a $11.00 price objective for the company. Canaccord Genuity Group upped their price target on Archer Aviation from $8.50 to $11.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Deutsche Bank Aktiengesellschaft raised their price objective on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a report on Friday, December 13th. Cantor Fitzgerald lifted their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Finally, HC Wainwright restated a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a research report on Monday, December 16th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $10.63.

Archer Aviation Stock Performance

The firm’s 50 day simple moving average is $6.50 and its 200-day simple moving average is $4.65. The company has a market cap of $4.15 billion, a price-to-earnings ratio of -7.39 and a beta of 3.19. 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 data on Friday, November 8th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the prior year, the firm earned ($0.19) EPS. On average, sell-side analysts predict that Archer Aviation Inc. will post -1.28 EPS for the current year.

Insider Activity at Archer Aviation

In related news, CEO Adam D. Goldstein purchased 19,762 shares of Archer Aviation stock in a transaction dated Thursday, November 21st. The shares were acquired at an average cost of $5.12 per share, with a total value of $101,181.44. Following the purchase, the chief executive officer now owns 2,014,890 shares of the company’s stock, valued at approximately $10,316,236.80. The trade was a 0.99 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Tosha Perkins sold 150,000 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $6.40, for a total value of $960,000.00. Following the transaction, the insider now owns 197,355 shares in the company, valued at $1,263,072. This trade represents a 43.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders purchased 776,791 shares of company stock valued at $5,139,699 and sold 1,812,899 shares valued at $11,601,707. Insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Hedge funds have recently bought and sold shares of the company. Miller Wealth Advisors LLC acquired a new position in shares of Archer Aviation in the third quarter worth $26,000. Code Waechter LLC purchased a new stake in shares of Archer Aviation during the third quarter worth approximately $30,000. Azzad Asset Management Inc. ADV acquired a new stake in Archer Aviation in the third quarter valued at approximately $31,000. Hollencrest Capital Management lifted its stake in Archer Aviation by 50.0% in the second quarter. Hollencrest Capital Management now owns 9,000 shares of the company’s stock worth $32,000 after acquiring an additional 3,000 shares during the last quarter. Finally, Cyndeo Wealth Partners LLC acquired a new position in Archer Aviation during the 3rd quarter worth approximately $36,000. 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.