Archer Aviation (NYSE:ACHR) Trading Down 1.7% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s stock price traded down 1.7% during mid-day trading on Friday . The stock traded as low as $10.81 and last traded at $11.14. Approximately 19,321,262 shares traded hands during trading, an increase of 46% from the average daily volume of 13,235,210 shares. The stock had previously closed at $11.33.

Analyst Upgrades and Downgrades

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

Archer Aviation Trading Down 2.2 %

The firm has a market cap of $4.71 billion, a price-to-earnings ratio of -8.39 and a beta of 3.19. The firm’s 50-day moving average is $6.07 and its 200-day moving average is $4.49. 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 earnings results on Friday, November 8th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same period in the prior year, the company earned ($0.19) EPS. As a group, sell-side analysts anticipate that Archer Aviation Inc. will post -1.28 EPS for the current fiscal year.

Insider Activity at Archer Aviation

In other news, Director Deborah Diaz bought 5,150 shares of the company’s stock in a transaction on Monday, November 25th. The shares were purchased at an average price of $7.48 per share, with a total value of $38,522.00. Following the transaction, the director now directly owns 98,886 shares in the company, valued at $739,667.28. This represents a 5.49 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Adam D. Goldstein sold 805,170 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $4.63, for a total value of $3,727,937.10. Following the completion of the transaction, the chief executive officer now directly owns 4,197,136 shares of the company’s stock, valued at approximately $19,432,739.68. This represents a 16.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 776,791 shares of company stock valued at $5,139,699 and have sold 1,812,899 shares valued at $11,601,707. 9.75% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ACHR. Raymond James & Associates grew its position in shares of Archer Aviation by 44.4% during the 2nd quarter. Raymond James & Associates now owns 625,164 shares of the company’s stock valued at $2,201,000 after acquiring an additional 192,120 shares during the period. Bank of New York Mellon Corp increased its position in Archer Aviation by 23.9% in the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock worth $4,651,000 after buying an additional 254,460 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Archer Aviation by 75.6% in the second quarter. Principal Financial Group Inc. now owns 31,064 shares of the company’s stock valued at $109,000 after buying an additional 13,372 shares during the period. Rhumbline Advisers lifted its position in shares of Archer Aviation by 29.3% during the 2nd quarter. Rhumbline Advisers now owns 311,852 shares of the company’s stock valued at $1,098,000 after buying an additional 70,575 shares during the last quarter. Finally, Arizona State Retirement System grew its stake in shares of Archer Aviation by 13.7% during the 2nd quarter. Arizona State Retirement System now owns 59,593 shares of the company’s stock worth $210,000 after acquiring an additional 7,184 shares during the period. Hedge funds and other 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.