Archer Aviation (NYSE:ACHR) Trading Down 1.5% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s share price was down 1.5% during trading on Monday . The stock traded as low as $8.76 and last traded at $8.75. Approximately 12,335,038 shares traded hands during trading, a decline of 63% from the average daily volume of 33,026,320 shares. The stock had previously closed at $8.88.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Raymond James increased their price objective on Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Friday, February 21st. JPMorgan Chase & Co. downgraded Archer Aviation from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Canaccord Genuity Group boosted their price target on Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a research note on Friday. Needham & Company LLC raised their price objective on shares of Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Friday. Finally, Cantor Fitzgerald lifted their target price 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. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $11.61.

Archer Aviation Stock Performance

The company has a market cap of $3.35 billion, a price-to-earnings ratio of -5.96 and a beta of 3.13. 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 firm has a fifty day simple moving average of $9.59 and a 200 day simple moving average of $6.28.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.10. On average, sell-side analysts expect that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Activity

In other news, General Counsel Eric Lentell sold 114,788 shares of the firm’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $6.74, for a total value of $773,671.12. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Michael Spellacy sold 63,000 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $7.10, for a total transaction of $447,300.00. Following the transaction, the director now owns 191,513 shares of the company’s stock, valued at approximately $1,359,742.30. The trade was a 24.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,057,729 shares of company stock valued at $8,473,770. 9.75% of the stock is owned by insiders.

Institutional Investors Weigh In On Archer Aviation

Several hedge funds have recently made changes to their positions in the stock. Miller Wealth Advisors LLC acquired a new position in Archer Aviation in the 3rd quarter valued at approximately $26,000. Sunbelt Securities Inc. bought a new stake in shares of Archer Aviation during the fourth quarter valued at approximately $27,000. Conquis Financial LLC bought a new stake in shares of Archer Aviation during the fourth quarter valued at approximately $29,000. Harbour Investments Inc. raised its stake in shares of Archer Aviation by 54.7% in the fourth quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after purchasing an additional 1,095 shares in the last quarter. Finally, Oarsman Capital Inc. lifted its position in Archer Aviation by 471.7% in the fourth quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock worth $30,000 after purchasing an additional 2,547 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.