Archer Aviation (NYSE:ACHR) Stock Price Down 7.9% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR) shares traded down 7.9% during trading on Monday . The company traded as low as $6.82 and last traded at $6.93. 10,330,216 shares were traded during trading, a decline of 68% from the average session volume of 32,287,076 shares. The stock had previously closed at $7.52.

Analyst Upgrades and Downgrades

ACHR has been the topic of a number of recent research reports. Raymond James lifted their target price on Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft boosted their price objective on Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Cantor Fitzgerald raised their target price on 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 boosted their price target on shares of Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a report on Friday, February 28th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $12.50 price objective on shares of Archer Aviation in a report on Friday, February 28th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $11.61.

Archer Aviation Stock Performance

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 fifty day simple moving average of $9.30 and a 200-day simple moving average of $6.42. The company has a market capitalization of $2.87 billion, a P/E ratio of -5.12 and a beta of 3.14.

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

Insider Activity

In other news, insider Tosha Perkins sold 49,273 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total transaction of $379,402.10. Following the transaction, the insider now directly owns 232,396 shares in the company, valued at approximately $1,789,449.20. This represents a 17.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $600,000.00. Following the sale, the chief technology officer now directly owns 1,070,360 shares in the company, valued at $12,844,320. This trade represents a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,046,926 shares of company stock worth $8,695,783. Insiders own 9.75% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ACHR. Sunbelt Securities Inc. acquired a new stake in shares of Archer Aviation during the 4th quarter worth approximately $27,000. Conquis Financial LLC bought a new stake in shares of Archer Aviation in the 4th quarter valued at $29,000. Harbour Investments Inc. raised its stake in Archer Aviation by 54.7% during 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 during the period. Oarsman Capital Inc. lifted its holdings in Archer Aviation by 471.7% during the fourth 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. Finally, Anchor Investment Management LLC grew its stake in Archer Aviation by 58.3% in the fourth 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 during the period. Institutional investors and hedge funds 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.