Archer Aviation (NYSE:ACHR) Shares Down 5.4% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s stock price fell 5.4% during mid-day trading on Thursday . The company traded as low as $6.62 and last traded at $6.81. 8,546,344 shares traded hands during trading, a decline of 56% from the average session volume of 19,574,876 shares. The stock had previously closed at $7.20.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. lowered shares of Archer Aviation from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $6.00 to $9.00 in a report on Friday, January 10th. Raymond James boosted their price objective on Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Friday, February 21st. Cantor Fitzgerald lifted their target price on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. HC Wainwright reiterated a “buy” rating and set a $12.50 price target on shares of Archer Aviation in a report on Friday, February 28th. Finally, Needham & Company LLC boosted their target price on shares of Archer Aviation from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Two equities research analysts have 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 target price of $11.61.

Archer Aviation Price Performance

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 stock’s fifty day moving average price is $8.48 and its 200-day moving average price is $6.97. The firm has a market cap of $3.36 billion, a PE ratio of -4.69 and a beta of 3.16.

Archer Aviation (NYSE:ACHR) last posted its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.10. As a group, equities analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Transactions at Archer Aviation

In other Archer Aviation news, insider Tosha Perkins sold 33,335 shares of Archer Aviation 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 completion of the sale, the insider now directly owns 262,673 shares of the company’s stock, valued at approximately $1,849,217.92. The trade was a 11.26 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Thomas Paul Muniz sold 99,224 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $764,024.80. Following the transaction, the chief technology officer now directly owns 1,131,443 shares in the company, valued at approximately $8,712,111.10. This represents a 8.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 474,780 shares of company stock valued at $3,758,081 over the last three months. 9.75% of the stock is currently owned by insiders.

Institutional Trading of Archer Aviation

Institutional investors and hedge funds have recently made changes to their positions in the company. Sunbelt Securities Inc. purchased a new position in Archer Aviation in the 4th quarter worth approximately $27,000. Conquis Financial LLC acquired a new position in Archer Aviation during the 4th quarter valued at about $29,000. Harbour Investments Inc. grew its holdings in Archer Aviation by 54.7% in the 4th quarter. Harbour Investments Inc. now owns 3,097 shares of the company’s stock worth $30,000 after buying an additional 1,095 shares in the last quarter. Oarsman Capital Inc. grew its stake in shares of 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 in the last quarter. Finally, Anchor Investment Management LLC lifted its holdings in Archer Aviation by 58.3% in the fourth quarter. Anchor Investment Management LLC now owns 3,324 shares of the company’s stock worth $32,000 after purchasing an additional 1,224 shares during the period. 59.34% of the stock is currently owned by institutional investors and hedge funds.

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.