Archer Aviation (NYSE:ACHR) Trading Down 0.1% – Here’s Why

Archer Aviation Inc. (NYSE:ACHR) shares fell 0.1% during trading on Thursday . The stock traded as low as $8.18 and last traded at $8.35. 5,572,225 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 18,758,829 shares. The stock had previously closed at $8.36.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on ACHR shares. Cantor Fitzgerald upped their target price on shares of Archer Aviation from $10.00 to $13.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. HC Wainwright reiterated a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research note on Friday, February 28th. Canaccord Genuity Group boosted their price target on Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research note on Friday, February 28th. Deutsche Bank Aktiengesellschaft increased 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. Finally, Raymond James lifted 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 analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.61.

Archer Aviation Stock Up 5.3 %

The company has a current ratio of 6.03, a quick ratio of 6.03 and a debt-to-equity ratio of 0.16. The stock has a market cap of $4.73 billion, a P/E ratio of -6.60 and a beta of 3.14. The company’s 50 day moving average price is $8.80 and its two-hundred day moving average price is $6.67.

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

Insider Buying and Selling at Archer Aviation

In related news, CTO Thomas Paul Muniz sold 50,000 shares of Archer Aviation stock in a transaction 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 transaction, the chief technology officer now owns 1,070,360 shares in the company, valued at approximately $12,844,320. The trade was a 4.46 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Tosha Perkins sold 49,273 shares of the company’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $379,402.10. Following the completion of the transaction, the insider now directly owns 232,396 shares of the company’s stock, valued at $1,789,449.20. This represents a 17.49 % decrease in their position. 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. Company insiders own 9.75% of the company’s stock.

Hedge Funds Weigh In On Archer Aviation

Several large investors have recently made changes to their positions in the business. Intech Investment Management LLC bought a new stake in Archer Aviation during the 3rd quarter valued at approximately $206,000. Charles Schwab Investment Management Inc. grew its holdings in Archer Aviation by 5.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,830,666 shares of the company’s stock valued at $5,547,000 after buying an additional 94,430 shares in the last quarter. Townsquare Capital LLC raised its position in shares of Archer Aviation by 25.6% during the third quarter. Townsquare Capital LLC now owns 14,877 shares of the company’s stock valued at $45,000 after buying an additional 3,033 shares during the last quarter. CreativeOne Wealth LLC lifted its holdings in shares of Archer Aviation by 99.0% in the third quarter. CreativeOne Wealth LLC now owns 96,432 shares of the company’s stock worth $292,000 after buying an additional 47,975 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Archer Aviation by 15.9% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,341 shares of the company’s stock worth $186,000 after acquiring an additional 8,431 shares during the last quarter. 59.34% of the stock is currently 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.