Archer Aviation (NYSE:ACHR) Trading Down 10.4% – Here’s What Happened

Archer Aviation Inc. (NYSE:ACHR)’s share price fell 10.4% during trading on Friday . The company traded as low as $5.83 and last traded at $6.22. 12,852,682 shares traded hands during trading, a decline of 35% from the average session volume of 19,671,607 shares. The stock had previously closed at $6.94.

Analysts Set New Price Targets

Several research firms have weighed in on ACHR. JPMorgan Chase & Co. lowered Archer Aviation from an “overweight” rating to a “neutral” rating and increased their target price for the company from $6.00 to $9.00 in a research note on Friday, January 10th. HC Wainwright reiterated a “buy” rating and issued a $12.50 price target on shares of Archer Aviation in a research report on Friday, February 28th. Needham & Company LLC boosted their price objective on shares of Archer Aviation from $11.00 to $13.00 and gave the company a “buy” rating in a report on Friday, February 28th. Deutsche Bank Aktiengesellschaft increased their target price 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. Finally, 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. Two equities research analysts have rated the stock with a hold rating and seven have given 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 Price 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 company’s fifty day moving average price is $8.48 and its two-hundred day moving average price is $6.99. The company has a market cap of $3.36 billion, a price-to-earnings ratio of -4.69 and a beta of 3.16.

Archer Aviation (NYSE:ACHR) last announced its earnings results on Thursday, February 27th. The company reported ($0.30) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.10. On average, equities research analysts forecast that Archer Aviation Inc. will post -1.32 EPS for the current fiscal year.

Insider Transactions at Archer Aviation

In other Archer Aviation news, CFO Mark Mesler sold 34,498 shares of Archer Aviation stock in a transaction on Monday, March 31st. The shares were sold at an average price of $7.04, for a total value of $242,865.92. Following the sale, the chief financial officer now directly owns 659,357 shares in the company, valued at approximately $4,641,873.28. The trade was a 4.97 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Tosha Perkins sold 49,273 shares of the business’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $7.70, for a total transaction of $379,402.10. Following the sale, the insider now directly owns 232,396 shares in the company, valued at $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. Insiders sold 474,780 shares of company stock valued at $3,758,081 over the last three months. Company insiders own 9.75% of the company’s stock.

Institutional Trading of Archer Aviation

A number of hedge funds and other institutional investors have recently modified their holdings of ACHR. Moody National Bank Trust Division boosted its position in Archer Aviation by 60.2% during the first quarter. Moody National Bank Trust Division now owns 168,134 shares of the company’s stock valued at $1,195,000 after purchasing an additional 63,184 shares during the last quarter. Wellington Management Group LLP acquired a new stake in shares of Archer Aviation in the 4th quarter valued at approximately $15,912,000. California State Teachers Retirement System boosted its holdings in shares of Archer Aviation by 26.2% in the 4th quarter. California State Teachers Retirement System now owns 241,396 shares of the company’s stock valued at $2,354,000 after buying an additional 50,104 shares during the last quarter. Total Wealth Planning & Management Inc. bought a new position in shares of Archer Aviation in the fourth quarter valued at $450,000. Finally, Infinitum Asset Management LLC acquired a new position in Archer Aviation during the fourth quarter worth $10,844,000. Institutional investors and hedge funds 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.