Archer Aviation (NYSE:ACHR) Shares Down 1.8% – Here’s Why

Shares of Archer Aviation Inc. (NYSE:ACHR) fell 1.8% during trading on Wednesday . The stock traded as low as $8.50 and last traded at $8.64. 4,029,375 shares traded hands during trading, a decline of 79% from the average session volume of 19,055,085 shares. The stock had previously closed at $8.79.

Wall Street Analysts Forecast Growth

ACHR has been the topic of a number of recent analyst reports. Raymond James raised their price target on shares of Archer Aviation from $11.00 to $12.00 and gave the company an “outperform” rating in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised their target price on shares of Archer Aviation from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Needham & Company LLC increased their price objective 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 raised their price objective on Archer Aviation from $13.00 to $13.50 and gave the stock a “buy” rating in a research report on Friday, February 28th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $12.50 target price on shares of Archer Aviation in a research 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. According to data from MarketBeat, Archer Aviation presently has an average rating of “Moderate Buy” and an average price target of $11.61.

Archer Aviation Stock Performance

The firm has a 50-day moving average of $8.82 and a 200-day moving average of $6.80. 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 capitalization of $4.55 billion, a price-to-earnings ratio of -6.37 and a beta of 3.14.

Archer Aviation (NYSE:ACHR) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.10. As a group, sell-side analysts predict that Archer Aviation Inc. will post -1.32 earnings per share for the current year.

Insiders Place Their Bets

In other news, CTO Thomas Paul Muniz sold 99,224 shares of the company’s stock in a transaction dated 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 owns 1,131,443 shares in the company, valued at $8,712,111.10. This represents a 8.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Tosha Perkins sold 49,273 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total value of $379,402.10. Following the sale, the insider now directly owns 232,396 shares in the company, valued at approximately $1,789,449.20. This trade represents a 17.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 303,985 shares of company stock valued at $2,555,685. 9.75% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. ARK Investment Management LLC increased its holdings in shares of Archer Aviation by 27.1% during the 4th quarter. ARK Investment Management LLC now owns 29,912,089 shares of the company’s stock valued at $291,643,000 after purchasing an additional 6,371,647 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Archer Aviation during the fourth quarter valued at $42,709,000. Alyeska Investment Group L.P. increased its holdings in Archer Aviation by 158.3% in the fourth quarter. Alyeska Investment Group L.P. now owns 4,999,767 shares of the company’s stock valued at $48,748,000 after buying an additional 3,064,280 shares in the last quarter. Two Sigma Investments LP raised its position in shares of Archer Aviation by 3,166.8% in the fourth quarter. Two Sigma Investments LP now owns 3,012,983 shares of the company’s stock worth $29,377,000 after acquiring an additional 2,920,752 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of Archer Aviation by 21.4% during the 4th quarter. Vanguard Group Inc. now owns 16,480,190 shares of the company’s stock worth $160,682,000 after acquiring an additional 2,908,859 shares in the last quarter. 59.34% of the stock is 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.