Archer Aviation (NYSE:ACHR) Stock Price Down 1.8% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) shares fell 1.8% during mid-day trading on Wednesday . The company traded as low as $6.91 and last traded at $7.00. 3,200,890 shares traded hands during trading, a decline of 89% from the average session volume of 29,062,203 shares. The stock had previously closed at $7.12.

Analyst Ratings Changes

Several research firms recently weighed in on ACHR. HC Wainwright restated a “buy” rating and issued a $12.50 price objective on shares of Archer Aviation in a research report on Friday, February 28th. Cantor Fitzgerald increased their price target on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Canaccord Genuity Group upped their target price on shares of Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research report on Friday, February 28th. Needham & Company LLC raised their price target on Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Finally, Raymond James upped 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 equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $11.61.

Archer Aviation Stock Down 3.8 %

The stock has a market capitalization of $3.72 billion, a P/E ratio of -5.19 and a beta of 3.16. The stock has a 50 day moving average price of $8.08 and a 200-day moving average price of $7.21. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.03 and a quick ratio of 6.03.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.10. As a group, research analysts expect that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CTO Thomas Paul Muniz sold 99,224 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $764,024.80. Following the sale, the chief technology officer now directly owns 1,131,443 shares of the company’s stock, valued at $8,712,111.10. This trade represents a 8.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Tosha Perkins sold 33,335 shares of the company’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $7.04, for a total value of $234,678.40. Following the transaction, the insider now directly owns 262,673 shares of the company’s stock, valued at $1,849,217.92. The trade was a 11.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 424,780 shares of company stock valued at $3,158,081 over the last three months. 9.75% of the stock is owned by company insiders.

Hedge Funds Weigh In On Archer Aviation

Several hedge funds have recently made changes to their positions in ACHR. ARK Investment Management LLC boosted its holdings in Archer Aviation by 27.1% in the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock valued at $291,643,000 after acquiring an additional 6,371,647 shares in the last quarter. Renaissance Technologies LLC bought a new stake in shares of Archer Aviation during the 4th quarter valued at about $42,709,000. Alyeska Investment Group L.P. increased its position in shares of Archer Aviation by 158.3% during the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company’s stock valued at $48,748,000 after buying an additional 3,064,280 shares during the period. Two Sigma Investments LP raised its stake in Archer Aviation by 3,166.8% in the fourth quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company’s stock worth $29,377,000 after buying an additional 2,920,752 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Archer Aviation by 21.4% in the fourth quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company’s stock worth $160,682,000 after buying an additional 2,908,859 shares during the period. 59.34% of the stock is owned by hedge funds and other 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.