Archer Aviation (NYSE:ACHR) Shares Down 1.8% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s share price dropped 1.8% during trading on Wednesday . The company traded as low as $8.50 and last traded at $8.64. Approximately 4,029,375 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 19,055,085 shares. The stock had previously closed at $8.79.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. HC Wainwright reaffirmed a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research note on Friday, February 28th. Cantor Fitzgerald upped their price objective on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Canaccord Genuity Group lifted their target price 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. Deutsche Bank Aktiengesellschaft upped their price target on shares of Archer Aviation from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, Raymond James lifted 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. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $11.61.

Archer Aviation Stock Performance

The company has a market cap of $4.55 billion, a PE ratio of -6.37 and a beta of 3.14. The company has a debt-to-equity ratio of 0.16, a quick ratio of 6.03 and a current ratio of 6.03. The firm’s 50 day moving average is $8.82 and its 200-day moving average is $6.80.

Archer Aviation (NYSE:ACHR) last posted its quarterly 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, research analysts anticipate that Archer Aviation Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In other news, CTO Thomas Paul Muniz sold 50,000 shares of the stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $12.00, for a total value of $600,000.00. Following the completion of the sale, the chief technology officer now owns 1,070,360 shares of the company’s stock, valued at $12,844,320. This represents a 4.46 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Mark Mesler sold 62,258 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $479,386.60. Following the sale, the chief financial officer now owns 630,243 shares of the company’s stock, valued at $4,852,871.10. This represents a 8.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 303,985 shares of company stock worth $2,555,685 in the last three months. 9.75% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ACHR. Sunbelt Securities Inc. acquired a new position in Archer Aviation during the fourth quarter worth $27,000. Conquis Financial LLC acquired a new position in Archer Aviation during the 4th quarter worth about $29,000. Oarsman Capital Inc. lifted its stake in Archer Aviation by 471.7% during the 4th quarter. Oarsman Capital Inc. now owns 3,087 shares of the company’s stock worth $30,000 after acquiring an additional 2,547 shares in the last quarter. Harbour Investments Inc. boosted its holdings in Archer Aviation by 54.7% during the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock valued at $30,000 after acquiring an additional 1,095 shares during the period. Finally, Anchor Investment Management LLC grew its position in Archer Aviation by 58.3% in the 4th quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock valued at $32,000 after acquiring an additional 1,224 shares in the last quarter. Hedge funds and other institutional investors 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.