Archer Aviation (NYSE:ACHR) Stock Price Down 1.8% – What’s Next?

Archer Aviation Inc. (NYSE:ACHR) traded down 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 changed 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.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ACHR. 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 report on Friday, February 28th. JPMorgan Chase & Co. downgraded Archer Aviation from an “overweight” rating to a “neutral” rating and increased their price objective for the stock from $6.00 to $9.00 in a research note on Friday, January 10th. Raymond James upped their price target on Archer Aviation from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Friday, February 21st. Cantor Fitzgerald raised their price objective on Archer Aviation from $10.00 to $13.00 and gave the company an “overweight” rating in a research note on Wednesday, December 18th. Finally, Needham & Company LLC upped 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 analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Archer Aviation has an average rating of “Moderate Buy” and a consensus target price of $11.61.

Archer Aviation Stock Performance

The company’s 50-day moving average is $8.08 and its two-hundred day moving average is $7.21. 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 company has a market cap of $3.72 billion, a P/E ratio of -5.19 and a beta of 3.16.

Archer Aviation (NYSE:ACHR) last posted 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. Equities analysts predict that Archer Aviation Inc. will post -1.32 EPS for the current year.

Insider Activity

In related news, CTO Thomas Paul Muniz sold 99,224 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 $764,024.80. Following the sale, 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 sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Eric Lentell sold 50,004 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 transaction of $352,028.16. Following the completion of the transaction, the general counsel now owns 45,416 shares of the company’s stock, valued at $319,728.64. This represents a 52.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 424,780 shares of company stock valued at $3,158,081 in the last 90 days. Insiders own 9.75% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. GPS Wealth Strategies Group LLC lifted its holdings in shares of Archer Aviation by 57.4% in the first quarter. GPS Wealth Strategies Group LLC now owns 5,345 shares of the company’s stock worth $38,000 after buying an additional 1,950 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new stake in Archer Aviation in the 1st quarter worth approximately $1,437,000. Patriot Financial Group Insurance Agency LLC purchased a new stake in Archer Aviation in the 1st quarter worth approximately $213,000. Hennion & Walsh Asset Management Inc. boosted its holdings in Archer Aviation by 32.1% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 73,661 shares of the company’s stock valued at $524,000 after purchasing an additional 17,911 shares during the period. Finally, HBW Advisory Services LLC purchased a new position in shares of Archer Aviation during the 1st quarter valued at $84,000. 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.