Archer Aviation (NYSE:ACHR) Stock Price Down 0.4% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR)’s share price fell 0.4% on Thursday . The company traded as low as $7.83 and last traded at $8.10. 6,337,703 shares traded hands during trading, a decline of 79% from the average session volume of 30,475,656 shares. The stock had previously closed at $8.13.

Analyst Upgrades and Downgrades

ACHR has been the topic of a number of research analyst reports. Needham & Company LLC boosted their price target on Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a report on Friday, February 28th. Canaccord Genuity Group boosted their target price on Archer Aviation from $13.00 to $13.50 and gave the company a “buy” rating in a research note on Friday, February 28th. Raymond James upped their target price 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 price target on shares of Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective 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. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Archer Aviation presently has an average rating of “Moderate Buy” and a consensus target price 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 firm has a market cap of $3.94 billion, a P/E ratio of -5.50 and a beta of 3.14. The business has a fifty day simple moving average of $8.75 and a 200-day simple moving average of $6.84.

Archer Aviation (NYSE:ACHR) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.10. On average, sell-side analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Buying and Selling at Archer Aviation

In other news, 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 sale, the chief technology officer now directly owns 1,131,443 shares of the company’s stock, valued at approximately $8,712,111.10. This represents a 8.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Tosha Perkins sold 49,273 shares of the firm’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $7.70, for a total value of $379,402.10. Following the transaction, the insider now owns 232,396 shares of the company’s stock, valued at $1,789,449.20. The trade was a 17.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 303,985 shares of company stock valued at $2,555,685. Corporate insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

Several institutional investors have recently bought and sold shares of the company. Barclays PLC raised its holdings in Archer Aviation by 272.7% in the third quarter. Barclays PLC now owns 427,023 shares of the company’s stock worth $1,294,000 after buying an additional 312,440 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Archer Aviation by 24.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,277,530 shares of the company’s stock valued at $22,206,000 after acquiring an additional 446,864 shares in the last quarter. Private Advisor Group LLC boosted its stake in Archer Aviation by 253.4% during the 4th quarter. Private Advisor Group LLC now owns 51,376 shares of the company’s stock valued at $501,000 after purchasing an additional 36,840 shares during the last quarter. HBK Investments L P bought a new stake in shares of Archer Aviation in the 3rd quarter worth $6,818,000. Finally, ARK Investment Management LLC raised its stake in shares of Archer Aviation by 27.1% in the fourth quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock worth $291,643,000 after purchasing an additional 6,371,647 shares during the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

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.