Archer Aviation (NYSE:ACHR) Stock Price Down 3.1% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s stock price dropped 3.1% during trading on Wednesday . The stock traded as low as $9.57 and last traded at $9.75. Approximately 31,060,523 shares traded hands during trading, an increase of 130% from the average daily volume of 13,498,217 shares. The stock had previously closed at $10.06.

Analyst Upgrades and Downgrades

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

Archer Aviation Stock Performance

The company’s fifty day simple moving average is $6.76 and its 200 day simple moving average is $4.72. The company has a quick ratio of 6.03, a current ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $4.07 billion, a price-to-earnings ratio of -7.25 and a beta of 3.19.

Archer Aviation (NYSE:ACHR) last released its quarterly earnings results on Friday, November 8th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). During the same quarter in the previous year, the company earned ($0.19) EPS. On average, equities research analysts expect that Archer Aviation Inc. will post -1.28 earnings per share for the current year.

Insider Buying and Selling

In other Archer Aviation news, CEO Adam D. Goldstein sold 805,170 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $4.63, for a total transaction of $3,727,937.10. Following the transaction, the chief executive officer now owns 4,197,136 shares in the company, valued at $19,432,739.68. This trade represents a 16.10 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Tosha Perkins sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $6.40, for a total transaction of $960,000.00. Following the completion of the transaction, the insider now directly owns 197,355 shares in the company, valued at approximately $1,263,072. This represents a 43.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders bought 776,791 shares of company stock valued at $5,139,699 and sold 1,812,899 shares valued at $11,601,707. 9.75% of the stock is currently owned by insiders.

Institutional Trading of Archer Aviation

Several institutional investors and hedge funds have recently modified their holdings of ACHR. Bank of New York Mellon Corp boosted its stake in shares of Archer Aviation by 23.9% during the second quarter. Bank of New York Mellon Corp now owns 1,321,257 shares of the company’s stock valued at $4,651,000 after purchasing an additional 254,460 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Archer Aviation by 75.6% during the 2nd quarter. Principal Financial Group Inc. now owns 31,064 shares of the company’s stock worth $109,000 after acquiring an additional 13,372 shares during the period. Rhumbline Advisers raised its position in shares of Archer Aviation by 29.3% in the 2nd quarter. Rhumbline Advisers now owns 311,852 shares of the company’s stock worth $1,098,000 after acquiring an additional 70,575 shares in the last quarter. Arizona State Retirement System boosted its position 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 valued at $210,000 after purchasing an additional 7,184 shares in the last quarter. Finally, Choreo LLC bought a new position in shares of Archer Aviation during the 2nd quarter worth approximately $49,000. 59.34% of the stock is currently owned by institutional investors.

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.